UK Construction shows a 69% increase in the number of year-on-year R&D Tax Credits claims for innovation
HMRC Statistics Tax Credits Construction
The recent HMRC R&D Tax Credits statistics revealed a 69% year-on-year increase in the number of claims for all businesses in the construction sector. The value in monetary terms of benefit SMEs in this sector received for their investment in innovation was a significant 64% year-on-year increase.
The volume of all R&D Tax Credits claims within this sector went from a year-on-year increase of 1.365 billion to 2.025 billion in 2017-8 for all companies.
Michael Morrow, Senior R&D Technical Consultant, Momentum Group, commented:
“Innovations in materials, VR and augmented reality to clarify designs and digital tools to predict building performance are changing the building industry. Our client received £150K for product advancements in concrete slabs. Improvements included a lower carbon footprint and faster installation.”
Companies who are making appreciable improvements to new processes, products or services in the construction 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.