How to earn from construction research and development
How to earn from #Construction Research and Development
Industry 4.0: A Skills Revolution report claims that up to 600,000 jobs in the #construction sector could be replaced by new #technology in the next 2 decades. To keep the existing workforce, there will need to be an emphasis on reskilling workers to enable them to manage the technology that replaced their original role.
The UK’s government focuses on encouraging innovation in the construction sector and it has been made a number of successful R&D tax credit claims for clients including architects, glass manufacturers and contractors, as a result of increased rates and relaxed qualifying conditions.
What Construction Research and Development (R&D) Tax Relief means for you:
• deduct an extra 130% of their qualifying costs from their yearly profit, as well as the normal 100% deduction, to make a total 230% deduction
• a tax credit cash payment to help you cover urgent costs
• large companies can benefit at 8.8% of their R&D costs
• even if your R&D doesn’t go to plan, your claim remains valid
What counts as R&D in the construction industry? It could be:
• integrating new or improved technology into buildings
• new ways to implement energy saving techniques
• improving performance, reliability, quality, safety and life-cycle costs
• developing Buildings Information Management (BIM) capabilities
Many people wrongly assume #R&DTax relief is only for “science projects”. It applies to any kind of innovation so long as it solves a problem in a way that no one else has and it took expertise to get it done. Therefore, open your mind. Be creative. Be proactive and discuss today with us your ideas.