More than eight in ten construction, architecture and engineering companies have developed new products, services or business processes in the last two years, according to research from Catax.
This means all these companies could be eligible for valuable research and development (R&D) tax credits, says Mark Tighe who is CEO of specialist tax consultancy Catax.
Yet, more than half of these potentially eligible firms have never made a claim meaning they are missing out on hundreds of thousands that could be reinvested in their businesses.
The average value of an R&D tax relief claim in construction is a massive £105,000 while in engineering it is £62,000 and for architecture it is £42,000.
So, why are so many companies in these sectors failing to claim?
Firstly, because many within construction, architecture and engineering do not realise they are eligible for this tax relief. Many people across all sectors assume that R&D applies only to scientists in white coats playing with test tubes and simply do not associate it with their own work.
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Why construction firms are missing out on millions in R&D tax credits