The automotive industry has always been conducting research & development to improve the existing technology used in the production of vehicles. Ranging from the introduction of the rotary engine, lightweight materials, new safety features such as crumple zones and airbags, to innovation for automating the manufacturing process.
We’re now seeing alternative propulsion technologies such as hydrogen and battery technology; the integration of Artificial Intelligence (AI) for safety in connected and autonomous vehicles (CAVs); alongside new technology to increase fuel efficiency.
With a track-record of working closely with a wide variety of OEM’s and SME’s in the automotive industry; we’re the ideal partner to identify and secure funding opportunities at all stages of your innovative 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.
To claim for R&D Tax Credits in the Automotive sector, your business must be striving to resolve scientific or technical uncertainty, while seeking to achieve an overall advance in knowledge.
In today’s automotive industry, many OEM’s will conduct lots of R&D of their own, but a considerable amount will also 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.
Examples of eligible R&D activities are:
- New/improved safety features
- Alternative fuel types or improved fuel formulae
- New/improved materials for light-weighting or longevity
- New manufacturing processes to reduce waste/costs/time
- Testing to find faults and creating new products/parts/processes to rectify
- Integration of connective technologies for safety and predictive maintenance
With so many opportunities to be innovative and develop new and exciting technology for the future generation of vehicles, financing your continued R&D is key!
The average R&D Tax Credit claim in the SME Scheme for an automotive business is worth £45,000 in tax relief. Where could you re-invest that money?
R&D Tax Calculator
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December 23, 2019Read Article
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