UK Agriculture, Forestry & Fishing sector experiences 100% year-on-year rise in R&D Tax Credits for innovation
HMRC Statistics Tax Credits Agriculture Forestry Fishing
The recent HMRC R&D Tax Credits statistics revealed a 57% year-on-year increase in the number of claims for all businesses in the agriculture, forestry and fishing sector. However, the value in monetary terms of benefit this sector received for their investment in innovation was a significant 100% year-on-year increase.
The volume of all R&D Tax Credits claims within this sector went from a year-on-year increase of 205 million to 335 million in 2017-8 for SME companies with an increase in monetary value of claims for SMEs of 50%.
Tom Verner, Group Managing Director, Momentum Group, commented:
“Acceleration in technologies, knowledge and practices to make these sectors more sustainable, resilient and productive is driving innovation. Prior to working with us, one Agri company’s claims were £15K. We calculated an 8867% uplift in R&D Tax Credit benefit of £1.3m for product advancement.”
Companies who are making appreciable improvements to new processes, products or services in the agriculture, forestry and fishing sector 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.
Read about how we helped an Agri company with a successful claim