R&D is something that many manufacturing or engineering companies carry out on a regular basis. Making new products, developing existing ones or changing processes keeps companies in these industries up with the competition. There are many areas of engineering and manufacturing businesses that need constant progress to remain competitive. Research and development is the way that this happens.

At Lumo, we help engineering and manufacturing businesses to make R&D tax claims. The advice out there is not focused on the people that it matters to – business owners. Therefore, we have pulled all of our expertise together to make it easy to understand R&D tax credits for manufacturing and engineering businesses. If you have any questions, then speaking to one of our knowledgeable team is the best place to start. Get in touch with us for advice or just a chat about R&D.

Businesses working in the manufacturing and engineering space are ideal R&D claim candidates. For example, do you;

1. Spend money on developing new products? Probably.
2. Spend money on creating new processes, or enhancing existing ones? Again, probably.

So, if the above applies to you, and you’re spending a lot of time and money developing new products and creating new processes, then R&D tax credits are something you should definitely be taking a look at.

However, before we get too carried away, it’s important to note that while it’s all well and good to say, “Yes, we do all of that, can we get some money, please?” (that’d be so much simpler, wouldn’t it?) the key to a successful R&D tax claim is to present things in the right way for the tax man (and fight your corner when needed) – which can be the tricky part.

Knowing how to do this effectively is only something that you get better at with a lot of experience – which we’re very blessed to already have at Lumo.

Can you do your own R&D claim?

Yes, of course you can! In the same way you can  do all of your company’s accounts, marketing, sales, and everything else. It is possible. But most of the time we leave the trickier, more specialist and time-consuming jobs to the experts (by hiring them or outsourcing the work).

If you do decide to do your own R&D claims then great – we want to see more companies taking advantage of this awesome government initiative! However, if you’d like us to take a look, and make the process as easy and simple as we do for hundreds of other businesses, then get in touch and we’ll be happy to save you the time and keep disruptions to a minimum.