R&D Tax Meant For Various Food And Drink Industries

R&D Tax Meant For Various Food And Drink Industries

It has been estimated that around 1% of the eligible claims for R&D tax for food & drink industry have been paid so far. Therefore, in case your business falls under this sector and also if you have not so far claimed yet, then you are probably one among the 99% who are missing this out.

You must therefore act fast and try to get in touch with tax authorities or those companies who help companies like you to claim taxes immediately who can help you to provide necessary help to obtain your R and D Tax Credits.

Food and drink business are missing out!

People are generally under the impression that you need to be engaged in certain special laboratory work or build certain new internet site in order to be eligible for claiming R&D tax credits.

However, the realty is not that at all. As it has been highlighted above that only a small percentage of businesses involved in food and drink field have been claimed so far. Therefore, it is very clear that this sector is missing out their justified claim in a very big way.

Hence, as a member of the business in food and drink, what exactly can be part of your successful claim?

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  • Certain new development of new product, variety or flavour
  • Certain changes made in the formulation of your existing product
  • Embedding any new kind of machinery or processes
  • Any changes done in the packing or storage etc.

Also, there are few other areas too, where your business of food and drink may be eligible for this claim. As per the statistics available, the average claim so far has been made on behalf of such food and drink companies is over £35,000.

Hence, it will be well worth to get in touch with the tax authorities or the companies who help in such tax claims to discuss what so far you have been doing in this area whether you are eligible for making your claim.

The key to any successful claim for R&D tax is to present your things in proper way for understanding of the tax man – which can sometime be quite tricky part.

To know how to effectively do this is only something which you can get better after lot of experience. There are few companies exist who are expert in this business.

Can you also make your own claim for R&D tax?

Of course, you can! You can do it for your company in a similar way for your company’s sales, marketing accounts and everything else too. However, most of the times, there will be few trickier cases, where more specialist will be needed as it can be very time-consuming jobs.

In case you have decided to do this R&D tax claim job of your own then it is great, as it is nice to see many more companies are taking advantage of such an awesome government initiative!

But if you prefer to outsource this activity then there are few companies available who can help you to make your tax claim in professional manner. Many numbers of other similar companies are also taking their help for claiming their R&D tax.