Many automotive companies conduct R&D to develop new and improve existing technology to be used in the production of vehicles. Whether it is to make new materials and parts, improve manufacturing processes – making them automated or reducing wastage/costs or developing brand new electric vehicle concepts!
In today’s automotive industry, many OEM’s will conduct lots of R&D of their own, but a vast amount will be carried out by their respective supply chains! Companies developing components for the automotive sector are in a prime position to claim R&D Tax Credits for their efforts!
The question that is always asked is ‘what activities qualify for claiming R&D Tax Credits?’
Here are some examples…
This is certainly not an exhaustive list but it demonstrates the broad range of developments that could mean that your company is eligible to claim!
As long as the R&D being done is to overcome a technical or scientific uncertainty, then it could be eligible!
This amount is the average tax saved equivalent that our clients in the automotive sector have managed to claim back from HMRC!
Still not sure?
Get in touch and our R&D Tax Credit Consultants can decipher from a FREE quick telephone consultation, whether the activities being undertaken are eligible and let you know exactly which project costs can be claimed back on.