7 November 2017
The RIFT Group – Credit where Credit’s due
Build UK partner The RIFT Group helps construction companies claim tax relief on money spent developing innovative products, services and processes.
Build UK have partnered up with RIFT to work together to bring Research & Development (R&D) Tax Credit to the forefront of industry thinking, planning and practice. RIFT is offering a 5% discount on their fee for all Build UK members.
Companies in the UK construction industry are eligible for a much greater share of the government’s R&D Tax Relief scheme than they are currently receiving, with an estimated £1billion of R&D Tax Credit going unclaimed by the construction industry every year.
For example, in 2015, £2.45billion was claimed under the R&D scheme, however only £35million of this was from the construction sector. From an industry that has 290,000 firms, only 480 made claims, whereas the manufacturing sector accounts for nearly 30% of claims.
Construction is a progressive industry that continues to embrace innovation and new technologies, and Build UK urges members to make use of the R&D Tax Credit scheme. Construction companies can expect a return of up to 26% of innovation costs, with the average claim being £73,000.
In construction, every project throws up its own unique challenges, and every problem you solve opens up new possibilities.
You might have an R&D claim if you’re:
• Tackling obstacles in new ways
• Finding easier, safer or ‘greener’ ways to work
• Making better use of existing technologies