Why it definitely pays to innovate your manufacturing business
4 Minute Read
Do you own a manufacturing business? If you do, and are hoping to make a claim for R&D tax credits, you can increase your chances of success through restructuring existing projects. Specifically, by demonstrating that you are using innovative techniques that are better eligible for R&D tax claims.
Specifically, if manufacturing companies want to maximise their success for an R&D claim, they can make improvements in existing processes. Or contrastingly, create entirely new processes, machines or systems.
What kind of innovations can manufacturing businesses make to maximise their success of an R&D claim?
Creation or improvement of manufacturing processes at the unit process level.
- Changes to existing manufacturing processes that enhance productivity or quality. Or perhaps even has environmental benefits
- Creation of new manufacturing processes. For example, the development of new materials, coatings, methods or practices used to create the materials
Technologies at machine level that can improve existing manufacturing equipment or create new equipment.
- Improvements to equipment that can generate improvements in capability, capacity or better environmental efficiency
- Creation of new equipment or apparatus for manufacturing which can be used for things such as deformation and molding or nanotechnology
Systems based technologies that can improve innovation within manufacturing.
- New developments with things such as sensors, controls and networks
- Use of IT to improve the productivity and quality of things such as manufacturing cells and facilities
- Changes to important enterprise functions important for manufacturing. E.g. quality systems, supply chain integration and distribution
Technologies that can enhance ability within the workforce or enhance manufacturing competitiveness.
- Technologies that can improve health and safety in the workplace. E.g. changes to human ergonomics
- Technologies that can enhance manufacturing skills amongst workforces. For example, new instructional methods or educational systems
Why should I use Lumo for my R&D manufacturing tax claim?
Manufacturing businesses are ideal candidates for claiming R&D tax credits. And the development of new products is not the only factor that can maximise your chance of success. Companies that are spending money on creating new processes or enhancing existing ones can also be eligible.
You may be considering completing your own claim. And if you have experience doing this, we’d say go right ahead! However, as you would leave certain jobs within your business to the experts, making your R&D claim should be no different. The primary key to success with any R&D claim is to present all the information in the right way to create the most credible case for the taxman. It can also be necessary to fight your corner if things don’t quite go to plan. Have you considered such circumstances?
We are proud of the fact that we have helped over 200 companies with their R&D claims, amounting to over £15m in tax relief over the past decade. And although we are not the innovators of the future, we are doing everything within our powers to support businesses that are. And consequently, our mission is to support as many innovative companies in the UK as possible. Helping to play a large part in getting innovative businesses the money they are entitled to.
If you want to make the entire process as easy as possible, contact us today and see how we could help.