R&D tax credits aren’t limited to laboratories or science-heavy industries. At Lumo, we’ve helped businesses from a wide range of sectors benefit from R&D Tax Credits.
From life sciences to food and drink, however, your business must be advancing technology as per HMRC’s definition.
Get in touch with the Lumo team to discuss your eligibility.
No matter your industry, innovation is happening all around you. However, you must meet HMRC’s definition of R&D for tax purposes to make a successful claim.
Lumo specialises in securing R&D tax credits for businesses across industries like:
R&D Tax For Life Sciences Industry
Life Science is an area that has seen a huge amount of investment over the last few years and that doesn’t show any sign of slowing down. Improvements to healthcare have come on leaps and bounds with the advent of new technology. But all of this investment needs cash behind it to support the future. The government has identified this as one of the key areas the UK leads the world and this is why it is supported with R&D tax credits.
R&D Tax For Food & Drink Industries
For far too long, there has been a perception that you have to be working in a lab, or building a new internet to be able to claim R&D Tax Credits. And that’s simply not the case at all. As highlighted by the tiny percentage of eligible food and drink businesses claiming mentioned above, this is a sector that is missing out.
R&D Tax For Science & Technology Industries
Science and tech are a constantly changing environment. Coming up with new ideas and solutions for your clients is NOT necessarily part and parcel of the everyday business and requires competent professionals to solve technical uncertainties.
R&D Tax For Manufacturing Industry
R&D is something that many manufacturing or engineering companies carry out on a regular basis. Making new products, developing existing ones or changing manufacturing processes keeps companies in these industries up with the competition. Advancements in technology is key for claiming R&D which is the way that helps to fund the future investments.
The Enhanced R&D Intensive Support (ERIS) scheme is tailored for loss-making SMEs investing heavily in R&D, offering a payable credit rate of 14.5% and an effective benefit of up to 27% of qualifying R&D costs.
To qualify, your business must meet the 30% R&D intensity threshold (effective from accounting periods starting on or after 1 April 2024), be loss-making, and meet SME criteria. Designed to address funding challenges and sustain innovation in key sectors, ERIS rewards businesses driving growth through R&D.
The guidelines on research and development for tax purposes were updated in March 2023. Notably, the definition now includes oil and gas exploration and appraisal.
The clarification on qualifying indirect activities (QIAs) dispels the misconception that they do not attract R&D tax credits.
SME R&D tax relief and the Research and Development Expenditure Credit (RDEC) will merge, streamlining the process and expanding eligibility.
Lumo stands ready to guide businesses through these changes, ensuring they continue to maximise their benefits from R&D.
Lumo distinguishes itself through its expert team, well-versed in the intricacies of R&D tax relief, along with Patent Box tax relief. The team at Lumo actually have their own inventions!
Our commitment to providing a competitive edge to businesses is evident in our tailored approach.
R&D tax credits, as a form of innovation funding, hold wide-reaching benefits. Lumo is passionate about helping businesses unlock the full potential of R&D tax incentives, not only fostering growth but also contributing to positive change on a global scale.
Engage with Lumo for personalised advice and support, aligning with our overarching goal of propelling innovative businesses toward growth.
Discover how much your business could benefit from R&D tax relief. Request a callback from one of our experts or use our eligibility checker to see if you qualify.
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