Construction need to knows: Get Rewarded to Innovate
Construction companies may be missing a trick when it comes to tax breaks for R&D, according to a HMRC R&D Consultative Committee insider.
Jenny Tragner told Construction News magazine that many building companies may not realize it, but the workarounds that they come up with to solve complex on-site problems could potentially qualify them for a government innovation tax credit.
“Construction is full of challenges that require inventive solutions. R&D activities usually relate to the innovative use of materials or overcoming problems on site. So, if you are experimenting with new or improved materials, or building processes and techniques, it’s likely your business could benefit.”
Given how much pressure the industry is currently under in terms of current economic uncertainty, worker shortages, environmental pressures and increasing regulation, it makes sense to seize every opportunity – and tax break – available in order to invest in, and grow your building business.
Although it may seem second nature to you, the solutions you come up with could potentially be quite groundbreaking for the industry as a whole.