The Agriculture, Food & Drink industry is the UK’s largest manufacturing sector, turning over £104 billion in 2018 and employing over 450,000 people.
The demand for sustainable food and drink production is increasing due to the world’s rising population, making it vital for the food & drink sector to be innovative in the ways we get produce from field to fork.
Additional demands to reduce food waste, reduce the use of single-use plastic packaging, and meet ever-changing regulatory requirements also provide areas for the food & drink industry to conduct essential research & development.
We can help to ensure your business is making the most of the R&D funding opportunities available, at all stages of your projects.
The R&D Tax Relief scheme is an HMRC incentive designed to inspire innovation and increased spending on R&D activities by companies operating in the UK.
Research & development in the food & drink industry plays a critical role in new product development. Whether it is:
- a brand-new product
- an improved product e.g. with reduced sugar, salt or fat; or;
- an altered product that caters for different dietary requirements e.g. vegan, gluten-free or dairy-free, while retaining flavour;
this can all qualify for R&D Tax Relief. In addition, activities to design and implement new processes can also make your business eligible to make a claim. Here are some examples:
- Waste valorisation
- New production line
- Alternative packaging to plastic
- Developing new growing systems
- New manufacturing process to increase efficiency
- New process to retain nutritional value of a product
If your business is developing something new and is an advance in overall knowledge in a field of science or technology, then it’s highly likely that you should be claiming R&D Tax Relief.
Through years of working with businesses in the food & drink industry, at all stages of the supply chain, we’ve identified thousands of pounds in eligible R&D expenditure for our clients. Notably, we were able to secure one of our clients £480,000 in R&D Tax Relief, for just one financial year.
Receiving this Tax Relief from HMRC provides a cash injection back into your business as a reward for being innovative!
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