Sanela

R&D tax relief for architects

Why architects should be using Novel to claim R&D tax relief 

Research and development tax credits for architects have allowed practices to innovate, grow and be rewarded for taking risks by minimising losses. Combined with Novel, an R&D tax relief software that educates users on how to claim relief in-house and facilitates on-going R&D tracking, architects are able to write robust in-house tax relief claims in a fraction of time and save money.



What is the benefit of R&D tax relief for architects?


​​A common problem for architects is the need to balance the desire for experimentation, with the requirement to stay within a client’s budget. We believe that restructuring the way you work to consider applying for an R&D tax credit can promote the culture of experimentation and boundary-pushing while still being cost-efficient. 


To encourage innovation, the government offers tax relief for businesses that engage in research and development. This includes architects, who can claim a deduction for expenses related to the design of new buildings and products or improving existing ones. Architecture firms can claim a tax deduction for expenditure on R&D activities, including salaries, materials, and subcontractor costs.


By offering this tax relief, the government is encouraging architects to push the boundaries of their profession and develop solutions. As a firm, considering whether you can structure your activities around claiming R&D tax relief within your practice will help promote the teams’ creativity, finance new bolder projects and ensure that you stay at the forefront of the industry.



How Novel helps architects learn how to write compliant R&D tax relief claims


R&D tax relief for architects

Novel is an R&D tax relief software that guides users through the process of writing a claim, providing explanations and templates that can be used to make sure that the claim meets all the necessary requirements. By using Novel, architects are able to write about the innovative work they do and claim relief on the money spent, all in-house. When it becomes a standard practice within your firm, we hope to see that you begin to further push the boundaries of what is possible.



How architects can use Novel to track ongoing research and development projects? 



Architecture is grounded in exploration and systematic design. When innovating and working on something new, it’s not enough for architects to design something striking, instead, it also needs to be structurally, aesthetically and functionally sound. For this reason, prototyping plays such a big role in the industry. Coupled with the benefit of claiming R&D tax relief, prototyping becomes an even more powerful tool as the pain and financial drain of something not working gets minimised by the ability to claim relief on the money spent. However, this benefit extends beyond prototyping.


Architects can claim R&D tax relief on any activity where there is a systematic, technological or scientific uncertainty that needed to be overcome. Within Novel, there are options to record everything that went into an R&D activity from prototyping, failed attempts and various methods of implementation. You know the different activities that make up a single project best and, therefore, are perfectly positioned to write about it all you need is the right tool.


Although we recommend tracking all your projects and activities in real-time to help elevate some of the stress when it comes time for your limited company to prepare the R&D tax relief, we understand that it is not always possible. Nonetheless, you’re still able to benefit from all the above tools within Novel even if you’re not tracking R&D in real time but be sure to keep a note of all the things that went into a project, as you wouldn’t want to miss out on claiming related R&D expenses.


Try Novel today with our free 1 month trial.

R&D tax relief for architects

Architecture and R&D Tax Relief

The field of architecture is always developing and experimenting with the latest technologies and materials. Architecture encompasses many disciplines that can qualify for the UK research & development (R&D) tax relief. Our everyday life is shaped by architects, who continually push boundaries both from an engineering and aesthetic perspective. Yet, architects often miss out on the valuable R&D scheme, which was created specifically for those pushing boundaries through innovation. So R&D tax credit for architects, what do you need to know?

Design on its own is unlikely to qualify for r&d tax relief, however, when design seeks to resolve a scientific or technological uncertainty, then there is potential for a claim. There is plenty of room for innovation within the architecture industry. From sourcing and utilising new materials, to implementing sustainable technologies and the creation of buildings that adhere to unique environmental factors or legislation, the field of architecture is full of innovation.

 

Each new project brings the potential for a R&D tax relief claim. Challenges such as trying to find a more cost effective way to achieve a particular result, or resolving site-specific problems are likely to indicate that you have a project that qualifies for r&d tax relief. The reason for this is that this type of thinking usually requires scientific and technological ingenuity, and there are elements of uncertainty and creativity involved.

 

In order to qualify for research and development tax relief, your attempt doesn’t have to be successful or even be a new building or product. A significant expense for architectural firms is incurred when creating models and prototypes to ensure that the innovations perform as expected. However, did you know that you can claim these costs back through R&D tax relief? This is only one of the many costs that you can claim through R&D tax relief allowing you to reinvest more money into your architectural business. Therefore, you can use the funds from R&D tax relief to help push your live projects the extra mile, and to have a buffer for experimentation.

 

What is R&D tax credit?

 

The UK Government’s Research and Development Tax Relief scheme is a way to encourage and reward companies that are investing in innovation.

What qualifies as innovation?

 

For tax purposes, R&D takes place when you are creating something that will advance the overall knowledge or capability in the field of science and technology. In simple terms, if you are solving industry problems, creating new software, a new process or materials, you qualify. Alternatively, you can simply be changing or modifying existing products, processes or services, these activities may qualify too.

Learn More

What qualifies?

Most architectural projects come with their own set of challenges. If you are creating new materials, techniques, technologies and ways to solve a problem that hasn’t been done before then these can count toward an R&D tax credits claim. RIBA

 

See whether your company projects qualify for R&D tax relief

 

R&D tax relief scheme is remarkably inclusive but HMRC has specific guidelines on what companies can claim the benefit. Find out whether your project qualifies by clicking on the eligibility quiz button below.

Innovative Techniques

– Have you developed a new piece of technology that helps you overcome architectural or engineering challenges?

– Are you applying advanced manufacturing techniques such as machine learning or AI to help you plan buildings or look for solutions to building specific problems?

– Have you developed new design software or computer modelling software?

Innovative Products

– Did you create a new type of material that hasn’t been used before?

– Have you researched and undertaken tests that studied different material performances?

– Have you incorporated a new type of material in construction that hasn’t been used before?

– Did you have to redesign a particular product in an innovative way to fit it into the constraints of a building project that included uncertainty as to whether it would work?

Innovative Processes

– Are you using existing materials but in a new way not done before?

– Improving the heat management of a building in an innovative way.

– Have you created an innovative way to combine two materials that have not been done before?

– Are you creating a building that utilises novel sustainable design?

Read about R&D tax relief in architecture

Explore the topic of R&D tax relief in the architecture industry by reading the below blog articles.

Why use Novel for your R&D tax relief claims?

A simple pricing model that reflects our values to help support more R&D claims being done correctly. We do not charge you to download the report. We do not charge you on the percentage of your benefit.  Our monthly subscription fee is set to ensure that even the smallest firms are given the opportunity to submit R&D claims.

tax credit

Food and Beverages R&D Tax Relief

There is constant pressure for innovation in the food and beverage sector to be either healthier, cheaper, vegan, dairy-free, organic or to comply with ethical or sustainable methods of production. We may chuckle to ourselves as we see another milk alternative being introduced, or get disappointed when our favourite coffee shop doesn’t have the type of milk we like, without even considering the level of research and development that goes into bringing a milk alternative into the market. In this sector, it is estimated that research and development tax claims are made for only 1% of eligible expenditure, which is phenomenal considering the extent of qualifying R&D activity in the food and beverages sector.

Only 1% of all claims are made by the food and beverage sector, despite being always pushed to innovative by consumer trends and regulation

Do you have a qualifying R&D project? Check below.

R&D worthy activity doesnt only happen in a laboratory. From new products and flavours to changes in packaging and machinery, there is constant innovation in the food and beverage sector. The fact that only 1% of claims come from the food and beverage sector, highlights that some businesses may not realise the breadth of their R&D activity.

 

A food and beverage company may be driven to innovation by consumer trends, such as gluten-free alternatives. There are also manufacturing factors that are part of R&D activity, such as having to create more products or those with a longer shelf life, or using new materials to reduce costs. Other factors that push food and beverage companies to innovate could be regulatory changes or sustainability factors, where companies may look for greener alternatives or substitutes for ingredients. With the consumer needs in the food and beverage sector always changing, there is a high likelihood your business may qualify for R&D tax credit, which can act as a welcome source of extra funds.

 

 

What is R&D tax credit?

 

The UK Government’s Research and Development Tax Relief scheme is a way to encourage and reward companies that are investing in innovation.

 

What qualifies as innovation?

 

For tax purposes, R&D takes place when you are creating something that will advance the overall knowledge or capability in the field of science and technology. In simple terms, if you are solving industry problems, creating new software, a new process or materials, you qualify. Alternatively, you can simply be changing or modifying existing products, processes or services, these activities may qualify too.

Learn More

What qualifies?

 

 

The food and beverage sector is diverse and most projects come with their own set of challenges. Improving techniques, products, quality, performance, or creating greener solutions all count toward an R&D tax credits claim.

See whether your company projects qualify for R&D tax relief

 

R&D tax relief scheme is remarkably inclusive but HMRC has specific guidelines on what companies can claim the benefit. Find out whether your project qualifies by clicking on the eligibility quiz button below.

Innovative Techniques

– Are you developing new methods of processing larger quantities of product?

– Are you improving processes to reduce microbial contamination during manufacturing?

– Are you designing a solution to increase a products shelf life?

– Are you developing new technology or automation software to make your business more efficient, such as to manage distribution centers and warehouses?

Innovative Products

– Are you developing a raw material substitution?

– Are you improving the texture, stability, flavour or nutritional value of a food product?

– Are you reforming existing products using new or different raw materials?

– Are you eliminating allergens, preservatives or artificial components?

– Are you testing new prototypes or creating trials for upcoming products?

Sustainability Innovations

– Are you developing new techniques to reduce or eliminate waste during production?- 

– Are you developing new technology or methods to be more efficient in your water, fuel and energy consumption?

– Are you developing new environmentally friendly materials for packaging or packaging alternatives?

– Are you working on a way to reduce the environmental impact of fertiliser?

Why use Novel for your R&D tax relief claims?

A simple pricing model that reflects our values to help support more R&D claims being done correctly. We do not charge you to download the report. We do not charge you on the percentage of your benefit.  Our monthly subscription fee is set to ensure that even the smallest firms are given the opportunity to submit R&D claims.

pharmaceutical

Pharmaceutical industry and R&D Tax Relief

At the heart of most projects in the pharmaceutical industry lies research and development. Yet, there is a false preconception that activities worthy of R&D tax relief are only done by drug development companies, even though there are many less obvious examples, such as suppliers of equipment, drug modification and specialist testing companies. As a sector that requires a substantial amount of investment at the beginning stages of any project, claiming pharmaceutical R&D tax relief could help alleviate some financial stress. Despite this, around 90% of eligible companies do not claim, partly thinking that they are not eligible, and the others struggling to understand how to correctly identify and attribute R&D activities for HMRC.

Only around 40% of qualifying companies pharmaceutical R&D tax relief. Are you part of the 60% not claiming?

Do you have a qualifying R&D project? Check below.

Between 2007 and 2016, the global pharmaceutical industry invested over $1.36 trillion in R&D, and forecasts predict that by 2022, global annual investment in R&D activity will be $181 billion.

 

There are a variety of activities that potentially qualify for pharmaceutical R&D tax relief, such as drug discovery, design of specialist equipment, manufacturing of drugs and their adaptations, testing, delivery, and packaging, to name a few. All throughout the life cycle of a drug, from development to commercialisation, there is the potential for a variety of companies to claim back some financial relief for the innovative contribution to the final product. Did you know that you can even claim relief on the money spent paying clinical trial volunteers?

 

 

What is R&D tax credit?

 

The UK Government’s Research and Development Tax Relief scheme is a way to encourage and reward companies that are investing in innovation.

 

What qualifies as innovation?

 

For tax purposes, R&D takes place when you are creating something that will advance the overall knowledge or capability in the field of science and technology. In simple terms, if you are solving industry problems, creating new software, a new process or materials, you qualify. Alternatively, you can simply be changing or modifying existing products, processes or services, these activities may qualify too.

Learn More

What qualifies?

 

Most pharmaceutical projects involve some aspect of innovative R&D activity from researching new compounds to making certain methods or types of drugs more accessible to different people, there is a lot of scope for innovative r&d work in the pharmaceutical business.

New software, innovative ways of storage, advances in drug delivery and clinical trials, can all count towards an r&d tax credit claim no matter whether they have been successful or not.

See whether your company projects qualify for R&D tax relief

 

R&D tax relief scheme is remarkably inclusive but HMRC has specific guidelines on what companies can claim the benefit. Find out whether your project qualifies by clicking on the eligibility quiz button below.

Eligible Activities

– R&D of raw materials for drug production, methods of analysis and development of research software and development processes..

– Manufacturing improvements, such as installing new or modernising existing facilities to ensure a certain quality of product.

– Have you developed a more sustainable way of managing your wastage?

– Are you doing innovative research to solve a problem that will advance science?

– Are you thinking outside the box by tackling sustainability issues, such as using recyclable materials, reducing waste from contamination or the amount of materials you use?

Drug Development

– Are you working on discovering new compounds that can be used for a medication?

– Are you developing new materials and compounds?

– Have you carried out phases 1,2, and 3 of clinical trials?

– Have you done test batch production and production processes for evaluation?

– Are you a specialist drug testing company that creates bespoke tests or clinical trials to analyse the effectiveness of a new drug?

– Are you a supplier of specialist medical equipment?

Innovative Techniques

– Do you create variations of existing drugs where the method of delivery is adapted, such as making medication child friendly?

– Do you adapt existing drugs for the wider market, such as vegetarian and vegan substitutes.

– Are you developing new types of packaging, such as eco friendly packaging or specialist child-resistant packaging?

– Are you adapting the size and taste of a drug?

Why use Novel for your R&D tax relief claims?

A simple pricing model that reflects our values to help support more R&D claims being done correctly. We do not charge you to download the report. We do not charge you on the percentage of your benefit.  Our monthly subscription fee is set to ensure that even the smallest firms are given the opportunity to submit R&D claims.

biotech, novel, tax relief

Biotech and R&D Tax Relief

Biotech is at the heart of the UK’s thriving and globally recognised leadership position in the life sciences. It is at the cutting edge of creating products that cure disease, feed the hungry, reduce our environmental footprint and fuel the world with cleaner energy. One of the reasons the UK has secured its leadership position is through their current research and development tax incentives system, that rewards companies investing in innovation.

While the Government is pushing money into R&D, Biotech firms need to take advantage of the benefits

Do you have a qualifying R&D project? Check below.

With a name like biotech, you would expect the companies to satisfy the research and development tax credits requirement of resolving a scientific or technological uncertainty, yet with HMRC disputing a record number of claims it is important to understand how to accurately present your R&D activities.

 

Biotech companies are continuously undertaking qualifying R&D activities that are designed to solve some of the greatest challenges facing our society. However, because the R&D in the biotech industry is unique, it requires a R&D specialist to be able to present it in a way that HMRC will understand and grant tax relief. At novel, we have R&D specialists who know how to present biotech activities to HMRC in a way that satisfies all reporting requirements whilst maximising the value of the claim.

 

With biotech research, testing and development requires a substantial amount of funding and a number of years, so it is crucial for companies to take advantage of the R&D tax relief scheme to ensure they can continue developing products, and are given the time to grow into profitable, innovative companies.

 

 

What is R&D tax credit?

 

The UK Government’s Research and Development Tax Relief scheme is a way to encourage and reward companies that are investing in innovation.

 

 

What qualifies as innovation?

 

For tax purposes, R&D takes place when you are creating something that will advance the overall knowledge or capability in the field of science and technology. In simple terms, if you are solving industry problems, creating new software, a new process or materials, you qualify. Alternatively, you can simply be changing or modifying existing products, processes or services, these activities may qualify too.

Learn More

What qualifies?

 

Most Biotech projects come with its own set of challenges. If you are creating new products, organisms, technologies and ways to solve a problem that haven’t been done before can all count toward an R&D tax credits claim.

See whether your company projects qualify for R&D tax relief

 

R&D tax relief scheme is remarkably inclusive but HMRC has specific guidelines on what companies can claim the benefit. Find out whether your project qualifies by clicking on the eligibility quiz button below.

Innovative Technologies

– Are you developing a technology that can improve the extraction of a product from its environment to be used as a biofuel, such as ethanol?

– Are you developing a technology that can extract a product or material from the environment to reduce pollution?

– Are you working on zero waste technology?

– Are you developing new medical devices, compounds or medicines?

– Are you creating algorithms and software that can analyse Biotech data?

– Are you training AI to be used for Biotech?

– Are you developing nanotechnology?

Innovative Products

– Are you developing biomining bacteria that is capable of surviving in particular environments?

– Are you developing biodegradable products to be used in medicine, food, fuel etc?

– Are you developing a new type of fungicide that protects agriculture crops?

– Are you creating a new type of fungicide that protects agricultural crops?

– Are you creating bio alternatives to traditional packaging?

– Are you creating new biomaterials to support different market sectors?

Innovative Processes

– Are you working on a way to find environmentally friendly fuel sources?

– Are you genetically modifying crops to support, improve or grow agricultural productivity?

– Are you developing or improving existing genetic modifications, tools and techniques?

– Are you working on targeted immunotherapies?

– Are you trying to improve a product by increasing its shelf life?

Why use Novel for your R&D tax relief claims?

A simple pricing model that reflects our values to help support more R&D claims being done correctly. We do not charge you to download the report. We do not charge you on the percentage of your benefit.  Our monthly subscription fee is set to ensure that even the smallest firms are given the opportunity to submit R&D claims.

software, it, rd, tax relief, uk

Software, Information and R&D Tax Relief

Research and development in software and information technology (IT) involves new ways of solving IT related problems, improving processes and developing software. Did you know that the advances made in this sector are the key drivers of innovation and new product development across a wide range of other industries? However, the fast-paced and diverse range of claims of this sector meant that in 2018, HMRC issued new guidance in regards to claiming the R&D tax relief on software development. Unfortunately, this made it difficult for companies to successfully claim tax relief, but we keep abreast of all guidance and legislative changes to make sure the claims we do for our clients are successful.

The beauty of software and IT is that the advances made in this sector enable innovation in all other fields

Do you have a qualifying R&D project? Check below.

Software and it has been one of the most challenging areas for HMRC R&D staff to deal with, especially considering that more than 65% of all R&D tax claims are from this sector with an average value of 65,199. Therefore, although there are many opportunities to claim R&D tax relief, HMRC scrutinises this sectors claims more closely than others, and has hired their own it specialists.

 

However, this should not discourage businesses from claiming, as most are undertaking R&D-worthy work on a daily basis. Instead, its best to use R&D tax consultants who specialise in software to reduce the risk of an HMRC enquiry. We at novel have been both the advisor and the claimant when it comes to R&D tax relief, which gives us a very detailed understanding of how to make the most of the R&D claim for a software project.

 

What is R&D tax credit?

 

The UK Government’s Research and Development Tax Relief scheme is a way to encourage and reward companies that are investing in innovation.

 

What qualifies as innovation?

 

For tax purposes, R&D takes place when you are creating something that will advance the overall knowledge or capability in the field of science and technology. In simple terms, if you are solving industry problems, creating new software, a new process or materials, you qualify. Alternatively, you can simply be changing or modifying existing products, processes or services, these activities may qualify too.

Learn More

What qualifies?

 

Most software and IT projects involve some aspect of innovative r&d activity. The success of your claim relies on the objective of your project to go beyond routine analysis or adaption of existing products, software or internal management systems. The types of companies that can claim r&d tax relief vary. For example, software development agencies, in-house software developers or saas businesses can all qualify.

 

New software, innovative ways of storage, extended functionality, advances in ai, automation, robotics and more, can all count toward a R&D tax credits claim no matter whether they have been successful or not.

See whether your company projects qualify for R&D tax relief

 

R&D tax relief scheme is remarkably inclusive but HMRC has specific guidelines on what companies can claim the benefit. Find out whether your project qualifies by clicking on the eligibility quiz button below.

Innovative Software

– Have you created a software that increases the performance of other technology?
– Have you built a software that integrates third party systems?
– Have you developed new data analytics tools?
– Have you developed innovative software that captures, protects and encrypts data?
– Are you creating new wearable tech?

Innovative Activities

– Have you been working on developing a gaming engine to run new video games?
– Have you been training your staff to be able to carry out specific R&D activities?
– Have you been researching and identifying uncertainties in the sector?
– Are you undertaking feasibility studies to back up your R&D project?
– Are you training an AI data/image processing tool?

System Improvements

– Have you created technology that extends the functionality of software programs or an operating system?
– Are you significantly improving cloud software to be used commercially?
– Are you developing a CRM system that requires technological advancements?
– Are you changing or modifying an existing product, process or service?

Why use Novel for your R&D tax relief claims?

A simple pricing model that reflects our values to help support more R&D claims being done correctly. We do not charge you to download the report. We do not charge you on the percentage of your benefit.  Our monthly subscription fee is set to ensure that even the smallest firms are given the opportunity to submit R&D claims.

insurtech, research and development tax relief, tax relief

Insurtech and R&D Tax Relief

In any sector, you can find an insurance policy. In the past, the insurance sector struggled to qualify for research and development tax relief. However, the development of modern technology and its application in the insurance sphere gave rise to Insurtech, which now enjoys a lean digital operational model, and thus has become a strong candidate for the R&D tax credits scheme.

As Insurtech businesses are enhancing the customer experience, they are continually creating R&D worthy innovation

Do you have a qualifying R&D project? Check below.

Insurtech brought innovative offerings that have helped the insurance industry reconnect with their customers. By leveraging emerging technology, such as artificial intelligence, machine learning, and advanced analytics, Insurtech is able to drive exponential innovation in this sector.

 

Although the industry is still in its infancy, the uk is already considered the world capital for Insurtech and there is more funding available through the R&D tax relief scheme. With most Insurtech products relying on proprietary technology, there is a high likelihood that your business may qualify for R&D tax credits, helping to fund your business.

 

What is R&D tax credit?

 

The UK Government’s Research and Development Tax Relief scheme is a way to encourage and reward companies that are investing in innovation.

What qualifies as innovation?

 

For tax purposes, R&D takes place when you are creating something that will advance the overall knowledge or capability in the field of science and technology. In simple terms, if you are solving industry problems, creating new software, a new process or materials, you qualify. Alternatively, you can simply be changing or modifying existing products, processes or services, these activities may qualify too.

Learn More

What qualifies?

Insurtech brought innovative offerings that have helped the insurance industry reconnect with their customers. By leveraging emerging technology, such as artificial intelligence, machine learning, and advanced analytics, Insurtech is able to drive exponential innovation in this sector.

 

Although the industry is still in its infancy, the UK is already considered the world capital for Insurtech and there is more funding available through the r&d tax relief scheme. With most Insurtech products relying on proprietary technology, there is a high likelihood that your business may qualify for R&D tax credits, helping to fund your business.

See whether your company projects qualify for R&D tax relief

 

R&D tax relief scheme is remarkably inclusive but HMRC has specific guidelines on what companies can claim the benefit. Find out whether your project qualifies by clicking on the eligibility quiz button below.

Innovative Software

– Have you created a software that increases the performance of other technology out there?
– Have you built a software that integrates third party systems?
– Have you developed new data analytics tools?
– Have you created software that incorporates blockchain, in a new way?
– Have you developed new encryption and protection software for our platform that wasnt available before?

Innovative Products

– Have you created an app that provides robo-advice through a digital customer interface?
– Do you have a product that sells insurance in an innovative way that has not been done before?
– Are you creating a product that is fully automated that has not been available before?

System Improvements

– Have you developed a new machine-learning technique to process data or to personalise products?
– Have you made innovative advances in AI That add to the insurtech sector as a whole?
– Have you created technology that improves and personalises customer service?
– Have you developed advanced analytics that will enhance the availability of insurance?

Why use Novel for your R&D tax relief claims?

A simple pricing model that reflects our values to help support more R&D claims being done correctly. We do not charge you to download the report. We do not charge you on the percentage of your benefit.  Our monthly subscription fee is set to ensure that even the smallest firms are given the opportunity to submit R&D claims.

Fintech and R&D Tax Relief

Fintech and R&D Tax Relief

The past few years has seen the financial services sector exploding on the scene with incredible technological innovations. The scope and speed of the evolution in this sector has been astonishing and has given rise to what is now known as Fintech. Yet, despite Fintechs disruptive and innovative nature in the financial services sector, it does not even make the top 5 of the sectors that are claiming r&d tax relief. Why?

Fintech includes financial education, retail banking, investment platforms, payment systems and cryptocurrencies

Do you have a qualifying R&D project? Check below.

When it comes to Fintech, R&D worthy activity is often undertaken on a daily basis. A sector that prides itself on security and data protection requires heavy investment in infrastructure to support it, such as transaction encryption, regulatory compliance software, authentication software, fraud detection software and the likes.

 

There is qualifying R&D activity often taking place in the Fintech industry. For example, how you comply with financial regulations, whether you are creating competing software, or creating technology that protects the assets of your customers, may all be subject to R&D tax credit.

 

What is R&D tax credit?

 

The UK Government’s Research and Development Tax Relief scheme is a way to encourage and reward companies that are investing in innovation.

What qualifies as innovation?

 

For tax purposes, R&D takes place when you are creating something that will advance the overall knowledge or capability in the field of science and technology. In simple terms, if you are solving industry problems, creating new software, a new process or materials, you qualify. Alternatively, you can simply be changing or modifying existing products, processes or services, these activities may qualify too.

Learn More

What qualifies?

Most Fintech projects involve some aspect of innovative research and development activity, the costs of which will likely be eligible for R&D tax credits. Although in many other sectors it is possible to show a tangible product as the output of your R&D activity, most fintech claims require a different approach when it comes to filing for research and development tax credit.

New software, innovative ways of storage, advances in ai and calculation engines, innovative CRM and more, can all count towards a R&D tax credit claim, whether they have been successful or not.

See whether your company projects qualify for R&D tax relief

 

R&D tax relief scheme is remarkably inclusive but HMRC has specific guidelines on what companies can claim the benefit. Find out whether your project qualifies by clicking on the eligibility quiz button below.

Innovative Software

– Have you created a software that increases the performance of other technology out there?
– Have you built a software that integrates third party systems?
– Have you developed new data analytics tools?
– Have you developed software that promotes cybersecurity measures?
– Have you developed software for a new digital wallet, payment processor or online trading platform?

Innovative Products

– Have you created a new banking system?
– Have you created a new digital currency?
– Have you created a new app in the financial sector, such as a budgeting app?
– Have you developed a product that can read digital banking data?
– Have you developed a new money management tool?

System Improvements

– Have you developed technology that enhances security?
– Have you developed new ways to encrypt data?
– Have you developed trading algorithms?
– Have you built an ai algorithm that automates certain tasks?
– Are you working on any proprietary technology that will improve functionality in the financial sector?

Why use Novel for your R&D tax relief claims?

A simple pricing model that reflects our values to help support more R&D claims being done correctly. We do not charge you to download the report. We do not charge you on the percentage of your benefit.  Our monthly subscription fee is set to ensure that even the smallest firms are given the opportunity to submit R&D claims.

manufacturing, rd, randd, cars

Manufacturing and R&D Tax Relief

Innovation in the manufacturing sector allows companies to address the changing consumer needs and industry standards. If your company recently introduced new or improved products, or enhanced manufacturing processes, you may benefit from research and development tax relief. Manufacturers are leading the way when it comes to leveraging tax relief. The recently published statistics by HMRC reveal that manufacturers are one of the main sectors claiming R&D tax relief. Despite this, the average claim value is one of the lowest of all sectors, highlighting a possible issue with some companies under claiming.

25% of all claims are made by manufacturing firms, yet the average claim value is one of the lowest of all sectors

Do you have a qualifying R&D project? Check below.

No two manufacturing industries are exactly alike; some are more physically labour intensive, others more knowledge-intensive. To some, proximity to customers is essential, whereas others rely heavily on transport. One possible reason for manufacturers under claiming could be this misunderstanding of the different types of projects that qualify. From the initial designs to the final project, manufacturers may be facing challenges at every stage of the manufacturing process, all of which can qualify for r&d tax credits.

 

Adapting to change in legislations, new chemicals, health and safety concerns, and different techniques, you may have been undertaking valuable, qualifying r&d work without realising it! As the manufacturing market gets tougher and pressure from new entrants grows, its important for companies to utilise the valuable r&d tax credit scheme. It can help boost businesses and also acts as a reward for the innovation that is done.

 

What is R&D tax credit?

 

The UK Government’s Research and Development Tax Relief scheme is a way to encourage and reward companies that are investing in innovation.

What qualifies as innovation?

 

For tax purposes, R&D takes place when you are creating something that will advance the overall knowledge or capability in the field of science and technology. In simple terms, if you are solving industry problems, creating new software, a new process or materials, you qualify. Alternatively, you can simply be changing or modifying existing products, processes or services, these activities may qualify too.

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What qualifies?

 

The manufacturing sector is diverse and most manufacturing projects come with their own set of challenges. Improving functionality, reliability, quality, performance, materials or greener solutions all count toward an R&D tax credits claim.

 

See whether your company projects qualify for R&D tax relief

 

R&D tax relief scheme is remarkably inclusive but HMRC has specific guidelines on what companies can claim the benefit. Find out whether your project qualifies by clicking on the eligibility quiz button below.

Innovative Techniques

– Are you developing innovative ways of re-using materials?

– Are you working on prototyping and three-dimensional modelling?

– Are you working on a more cost effective operational model?

– Are you working on an operation model that is driven by sustainability?

– Are you creating robots that can work alongside humans during production?

– Have you created techniques that improve the workflow and production processes of a company?

Innovative Materials

– Are you creating new or alternative materials to replace or improve existing materials?

– Are you creating new materials to meet new regulatory requirements?

– Are you working on eco solutions, such as alternatives to traditional plastic packaging?

– Are you designing and testing new prototypes?

System Improvements

– Are you using automation to improve manufacturing processes?
– Are you working on ways to integrate new technology with old systems to improve manufacturing processes?
– Are you developing virtual or mixed reality software?
– Do you use digital modelling to help design factory layouts or to maximise space efficiency?
– Have you created innovative software that tackles manufacturers problems, such as inventory management?

Why use Novel for your R&D tax relief claims?

A simple pricing model that reflects our values to help support more R&D claims being done correctly. We do not charge you to download the report. We do not charge you on the percentage of your benefit.  Our monthly subscription fee is set to ensure that even the smallest firms are given the opportunity to submit R&D claims.

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Construction and R&D Tax Relief

A sector built on innovation that only claims 3% of the total research and development tax relief across all companies, despite employing 10% of all jobs in the uk. The construction industry is currently struggling with rising material and labor costs, increased competition and shrinking profit margins as well as stagnant productivity levels. With R&D tax relief, your business will have extra capital to attract better talent, inspire employees, take on greater projects that may involve more risk and experiment with new technological solutions. The more your business spends on qualifying R&D, the more you can claim back.

Construction sector often misses out on R&D tax relief, despite striving for innovation

Do you have a qualifying R&D project? Check below.

People in the construction sector often don’t realise that they are doing work that fits the Government’s definition of research and development. Instead, they simply call it “problem solving”.

 

However, if we considered all the aspects that fall under construction, from engineering to materials to overcoming planning and conservation issues, we begin to realise the extent of R&D work that actually happens. This coupled with the fact that typically ROI for construction project occur long after the project has begun means that R&D tax credit can be a very valuable source of funding throughout the project’s lifecycle.

 

Despite this, the construction sector claims 11% less than the average SME, despite their high operating costs. There are many reasons for that, but a big one is the belief that they do not partake in any R&D qualifying activity.

 

What is R&D tax credit?

 

The UK Government’s Research and Development Tax Relief scheme is a way to encourage and reward companies that are investing in innovation.

 

What qualifies as innovation?

 

For tax purposes, R&D takes place when you are creating something that will advance the overall knowledge or capability in the field of science and technology. In simple terms, if you are solving industry problems, creating new software, a new process or materials, you qualify. Alternatively, you can simply be changing or modifying existing products, processes or services, these activities may qualify too.

 

Learn More

What qualifies?

In construction, each projects comes with its own set of challenges and how you deal with them may potentially save you money, instead of costing you money. New materials, processes, technologies and approaches can count toward an R&D tax credits claim.


See whether your company projects qualify for R&D tax relief

 

R&D tax relief scheme is remarkably inclusive but HMRC has specific guidelines on what companies can claim the benefit. Find out whether your project qualifies by clicking on the eligibility quiz button below.

Innovative Techniques

– Are you building with acoustics in mind?

– Do you have a unique energy saving method?

– Have you done a bespoke design with unpredictable obstacles?

– Do you create or improve software to aid the construction process?

– Are you developing new ‘green’ solutions in your business, such as low-carbon technologies and energy efficient installation?

– Are you developing techniques that help protect building from natural disasters that haven’t been done before?

Innovative Materials

– Are you working on a new prototype for a material? 

– Are you developing new materials?

– Are you using an innovative way and repurposing old materials to solve a problem?

– Did you create site-specific material to fit within the new environment?

– Have you developed or improved technology within the construction sphere?

Overcoming Site Issues

– Was there contamination on site that you dealt with, strategically? 

– Did you develop new equipment to help you carry out your construction project?

– Have you created innovative ways to keep your workers safe, such as new protective gear, automation etc?

– Are you developing new ways for water management not done before?

Why use Novel for your R&D tax relief claims?

A simple pricing model that reflects our values to help support more R&D claims being done correctly. We do not charge you to download the report. We do not charge you on the percentage of your benefit.  Our monthly subscription fee is set to ensure that even the smallest firms are given the opportunity to submit R&D claims.