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Tue October 23 2018

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Construction industry is under-claiming R&D tax credits

2 Oct New statistics from HM Revenue & Customs show that the UK construction industry claimed a total of £80m in research & development tax credits.

The construction industry accounted for 3% of all claims submitted and the average received per R&D tax claim by construction companies was £58,000. This is slightly lower than the £85,000 average overall payment per claim across the industries surveyed.

The analysis was carried out by Momentum Group, a tax credit advisory firm. Managing director Tom Verner said: “While HMRC statistics show many industries in the UK are wakening up to the benefits of R&D tax credits, the potential is far greater. In our experience, there are still so many construction businesses that are either not aware of R&D tax credits, incorrectly think they do not qualify or feel they lack the necessary experience to submit a claim. In fact, many companies are not claiming their full legitimate entitlement.”

He added: “It is vital that the construction industry recognises the potential of this very accessible UK government incentive... Given the potential, we find it startling that more companies aren’t claiming.” 

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MPU

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