Manufacturing sector continues to have a strong year-on-year increase in R&D Tax Credits benefit
The recent HMRC R&D Tax Credits statistics revealed a 18 % year-on-year increase for all companies in the number of claims in the manufacturing sector. However, the value in monetary terms of benefit this sector received for their investment in innovation was a strong 26% year-on-year increase or SME companies.
The monetary value of all R&D Tax Credits claims within this sector went from a year-on-year increase of £990 million to £1.250 billion in 2017-8 and accounted for 29% of the total claims.
Commenting on the findings, Stephen Kelly, Chief Executive, Manufacturing NI, said:
“Whilst it is encouraging to see an increase in the number of claims made by Northern Ireland companies, it is still surprising to see how much firms are missing out on.
“Every day we see incredible examples of innovation across the manufacturing industry in Northern Ireland. This is heavily underpinned by R&D – be it through investing in people and skills, new equipment, improved products or processes. Given the amount of challenges being presented by Brexit, incentives such as these could prove particularly useful for firms across Northern Ireland.”
Companies who are making appreciable improvements to new processes, products or services in the manufacturing could be eligible for significant financial benefits for their innovation.
Since its inception, Momentum has helped its clients identify over £135+ million in eligible R&D expenditure.
Find out what manufacturing projects qualify