R&D tax credits are a government incentive designed to reward companies for innovative products, processes or services in their sector.
Construction and property are covered by the HMRC scheme which sees eligible firms receive cash payments or a reduction in their corporation tax bills.
Tax specialist Recoup Capital has already claimed more than £5.4m for construction companies this year.
And the firm wants to help thousands of other contractors, architects, developers and manufacturers process their own claims.
Currently only 5% of eligible companies have made claims under the scheme.
What work qualifies?
- Groundwork and foundation issues.
- Environmental issues.
- Parking and transport issues.
- Enhancing energy efficiency of buildings, how this was achieved.
- Planning conditions imposed by local authorities and how these were overcome.
- Use of modular build techniques.
- Maximising number of units per site.
- Any issues with services on site.
- Any conservation/listed building issues.
Typically, companies can reclaim up to 33% of qualifying expenditure in the form of a corporation tax credit or a cash payment if they are in a tax loss position.
The process from engagement to receipt of refund typically takes eight weeks and is done on a No Win, No Fee basis.