ENGINEERING
Engineering industries continue to advance their existing engineering techniques and this lends itself to R&D tax reliefs.
Get In Touch
If you operate an engineering business and you’ve recently developed new or improved products or processes, then there is a strong chance that you could benefit from a Research and Development (R&D) Tax Credit claim.
Full of exciting innovation, UK Engineering is becoming ever-more competitive as projects are becoming more and more complex and the need for increased efficiency and adapting to change are more important than ever.
Investing in R&D can help pave the way in creating new things or improve existing ones by looking at ways in which you can claim up to 33.35% cashback on qualifying R&D spend.
ENGINEERING SECTORS
R&D TAX CREDITS FOR ENGINEERING EXPLAINED
R&D can relate to the development of products or processes. It’s inevitable that all engineering sectors continue to advance their existing engineering techniques. And if this advancement involves a level of head-scratching and problem solving to overcome a series of technical difficulties (as it often does), it’s likely that the project will qualify for R&D incentives.
WHAT TYPE OF ENGINEERING PROJECTS CAN QUALIFY FOR R&D TAX CREDITS?
A broad range of engineering projects can meet the Government’s R&D definition, for example:
WHY IS RESEARCH & DEVELOPMENT IMPORTANT IN ENGINEERING INDUSTRIES?
We’ve spoken to hundreds of engineering businesses that think they don’t qualify for the relief, which makes the eureka moment all the sweeter.
That’s because R&D boils down to two qualifying criteria. Firstly, have you made a change or an improvement to a product or your engineering process? And secondly, did those changes take some time, some thought or some testing? Maybe there were changes made during the physical and digital design work stage? Or during the computer modeling stage.
If you can answer “yes” to both of those questions, it’s time for us to have a chat, because R&D tax incentives are a fantastic way to keep your business and your cash flow on the front foot.
WHY COOPER PARRY?
In three years we’ve put more than £61 million back with businesses. We’ve obtained in excess of £3 million for companies that had already claimed. And we’re a member of the government’s Research and Development Consultative Committee,
Our Research and Development Partner, Chris Knott CTA BEng, is a dedicated R&D incentives engineer specialist who used to work in the engineering industry. To get the report right and justify the incentives, we need to understand what you’re doing from 1) a technical perspective, and 2) who’s doing what and why it matters. So, you absolutely need to work with advisers with technical backgrounds. It means when we come to see you and have a look around your business, we can poke around in all the dirty corners. We know where to look.
WORDS FROM TRANSVAC
“We’ve worked with Cooper Parry for many years and we’ve always had a good relationship with them. The R&D arm within Cooper Parry has changed, for the better, giving us even further benefit from the tax credits perspective, and giving us improved knowledge that we can apply going forward. The transparency and willingness to share information has been great.
We received improved tax credits for two years’ worth of information provided, once the team’s expert knowledge had been applied – money that we’ll be putting back into R&D. The reports provided were concise and professional. We’d definitely recommend Cooper Parry.” – Transvac
Read All Reviews
Let’s talk today
Want us to call you? Let’s start a conversation!
Chris Knott
Partner and Head of CP Innovation
Get in touch with Chris Knott
Latest News
Reviews
GREG, JUNE 24
“Pragmatic, balanced audits delivered on time and on budget. Thank you!”
“Pleased to be of service, great working with you.”
MATTHEW, JUNE 24
“Professional service. Good communications.”
“Happy to hear it :-) ”
JAMES, JUNE 24
“Results in line with expectations – from a cash perspective lower than hoped but I feel CP helped us get the max for the spend we had.”
“We'll always do our best for you James! ”
TOM, JUNE 24
“The audit team are very easy to deal with and take a common sense approach which helps to make the audit process as pain free as possible. The staff are always friendly yet professional. Any queries and requests raised are always sensible and valid. The fees are also competitive.”
“Absolutely stoked with this feedback Tom - as pain-free as an audit can be :-) ”
MARTA, JUNE 24
“An improvement from last year, weekly catch ups definitely helped to mange the workflows.”
“We hope to keep improving for you Marta.”
RACHAEL, JUNE 24
“I feel I have a great relationship with David, and we understand each other. We have between us, had a great year end and was very happy how we completed the accounts..”
“Thanks so much for your feedback Rachael - David is chuffed to hear it too.”
MARCUS, JUNE 24
“Very supportive as we have brought the audit forward this year. Technical guidance is relevant and timely. Tax support well rounded across all relevant areas.”
“We're delighted to hear this :-) Happy you appreciated all of our support.”
ANDY, JUNE 24
“CP team have been approachable, knowledgeable and fun to work with. Improvements? Perhaps a few more blogs/technical updates.”
“You've been fun to work with too Andy! Thanks for the suggestion on blogs - we'll take that on board.”
KATE, JUNE 24
“Good communication, timely input, available when we need you..”
“Lovely feedback, thanks so much for taking the time to reply.”
JAMES, JUNE 24
“The first audit has been performed efficiently with excellent communication and without any issues of note.”
“Super happy to hear your first audit went smoothly James.”
