Research & Development

MANUFACTURING

If you operate a manufacturing business and you’ve recently developed new or improved products or processes, then there is a strong chance that you could benefit from a Research and Development (R&D) Tax Credit claim.

Whilst R&D may sound like complex tax relief, only available for scientists who are pursuing ground-breaking developments. It is also available to so many other businesses that are improving existing products, developing new ones, or improving processes.

Almost every business will be doing some sort of activity that meets the criteria for claiming the incentives. But sadly, a lot of these businesses are missing out, either completely by making no claim at all, or in part, by not including everything they can. And with up to 33.35% cashback available on qualifying R&D spend, that’s criminal!

R&D TAX CREDITS FOR MANUFACTURING EXPLAINED

R&D in manufacturing most commonly relates to the development of products or processes. It’s inevitable that many businesses continue to advance their existing product range. And if this advancement involves an element of head-scratching and problem solving to overcome technical difficulties, it’s likely the project will qualify for R&D incentives.

WHAT TYPE OF MANUFACTURING PROJECTS CAN QUALIFY FOR R&D TAX CREDITS?

A broad range of projects can meet the Government’s R&D definition, for example:

PRODUCTS DON’T HAVE TO BE UNIQUE TO QUALIFY

R&D incentives can be applied to any business that designs or makes something… anything! The thing you’re making could even be being made elsewhere too.

It’s likely you’re not using the same materials or following the same standards as your competitors. You might be light-weighting, working in different space constraints, and so on. There are so many things that differentiate your product or the processes you use to put it together. And after working on the R&D scheme since it began in 2000, we know exactly where to look to maximise your claim.

WHY IS RESEARCH & DEVELOPMENT IMPORTANT IN MANUFACTURING INDUSTRIES?

We speak to hundreds of businesses that think they don’t qualify for the relief, which makes the eureka moment all the more sweet.

That’s because R&D boils down to two qualifying criteria. Firstly, have you made a change or an improvement to a product or your manufacturing process? And secondly, did those changes take some time, some thought or some testing?

If you can answer “yes” to both of those questions, it’s time for us to have a chat, because R&D tax incentives are a fantastic way to keep your business and your cash flow on the front foot.

R&D MASTERCLASS FOR MANUFACTURERS

Still unsure about the reality of R&D for your business? Watch below our R&D Incentives Partner, Chris Knott, who highlights the importance of R&D for manufacturing businesses and why we need to stop calling it R&D.

WHY COOPER PARRY?

In three years we’ve put more than ££61 million back with businesses.  Our experienced and dedicated R&D incentives specialists means we know what to look for and we know where to find it.

CLIENT TESTIMONIAL

“The results exceeded our initial expectations, once we started discussions, it became clear that we could claim for more than we anticipated. I found the process both informative and straightforward. The additional cash has enabled us to increased pension payments, and give us a little more security in purchasing stock.” – Dominic Hall, Watergen

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Reviews

PAUL, JAN 2024

“Excellent service for our first year audit.”

DAVID, JAN 2024

“R&D Claim: The results were better than expected. The additional cash will enable us to increase profitability”

ALAN, JAN 2024

“R&D Claim: The results were not as good as previous years. The additional cash will allow us to further invest in our R&D program.”

STUART, JAN 2024

“Great to have a personal relationship with the whole team. Always willing to help. Sometimes a little slow to respond on some issues (but then again so are we). Audit team are brilliant, bar audits far to long now owing to the amount of sample data we have to provide, which is hard when you have a small team and limited time.”

CLAIRE, JAN 2024

“Great team, and much improved communication and pro-active engagement over the past three months.”

MARK, DEC 2023

ROB, DEC 2023

“R&D Claim: Having worked with the R&D team at CP for a few years now, I had a good idea what to expect. As per usual they exceeded our expectations. The additional cash will allow us to invest in our fleet.”

RICHARD, DEC 2023

“Excellent service. Need to ensure pricing is competitive.”

DAVID, OCT 2023

“Good insights provided. Nice team to deal with. Need more consistency of team members and where this is not possible a better handover should be provided to new members. Need strong manager oversight on all audits, in particular where there are complex transactions etc. Improved communication between audit team and finance functions within the business.”

LUCIA, JUN 2023

“Final Packs are taking too long, communication”