Specialist R&D Tax & Grant Funding Advisors
Manufacturing and Engineering :
Specialist R&D Tax & Grant Funding Advisors
Manufacturing and Engineering :
If your company is in the manufacturing or engineering industry and you've recently introduced new or improved products or manufacturing processes then there is a strong chance that you could benefit from an R&D Tax Credit claim.
Below we've created 5 simple sections to help you understand how R&D tax credits work in Manufacturing and Engineering and whether your business could make a claim.
Common examples of product and process development projects that may qualify for R&D tax relief include:
In terms of qualifying tasks, the following activities would be considered eligible for R&D tax credits:
In addition, certain indirect support activities may qualify for R&D tax relief, such as:
You can claim relief on 25% of qualifying expenses. The main areas of costs that can be claimed are:
It is not uncommon for an R&D team to consist of many individuals from different parts of the business.
Your R&D project team may include the R&D Manager, a Lead Developer, Engineers, Project Co-ordinators, Quality Control and Testing specialists, and Cost Accountants, as well as members of the senior management team.
"It was good to work with a team who are dedicated to their field and know the law, the claims process, the pitfalls and who knows how to draft the technical reports at speed. I can't really complain about how the R&D claim was done. We were very, very happy"
Conor Quaine
Head of Finance, CitySwift Ltd
If your company is taking a risk by innovating, improving, or developing a process, product, or service, then it will likely qualify for R&D tax credits.
A good test to determine if the work undertaken qualifies as R&D, is whether your project team faced uncertain outcomes at the start of the project.
That means that your team did not know from the outset whether a particular outcome was achievable.
If you can show that your project goes beyond simply applying existing technologies, then you may be eligible to make a claim.
Speak to our specialist team today and we can help you to decide whether your business meets the relevant criteria and whether any credits can be applied for the R&D projects you’ve undertaken.
Find out if you’re eligibleBy profiting from our specialist R&D tax credit knowledge and experience, you can be sure of securing & maximising your R&D tax claim. Typically, Myriad Associates submit R&D tax credit claims that deliver up to 3 x more value than in-house prepared claims or those filed by generalist accountants.
About Myriad Associates
Common examples of product and process development projects that may qualify for R&D tax relief include:
In terms of qualifying tasks, the following activities would be considered eligible for R&D tax credits:
In addition, certain indirect support activities may qualify for R&D tax relief, such as:
You can claim relief on 25% of qualifying expenses. The main areas of costs that can be claimed are:
It is not uncommon for an R&D team to consist of many individuals from different parts of the business. Your R&D project team may include the R&D Manager, a Lead Developer, Engineers, Project Co-ordinators, Quality Control and Testing specialists, and Cost Accountants, as well as members of the senior management team.
A business must submit its R&D tax credits claim within 12 months of the end of the accounting period during which the R&D activities took place. To make a claim, the business will need to complete the CT1 form through the Revenue Online System. More details can be found in our blog: How Far Back Can I Claim R&D Tax Credits In Ireland?
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