R&D Tax Relief in Motorsport
Companies that spend money developing new products, processes or services, or enhancing existing ones, are eligible for R&D Tax Relief.
Technical innovation, creativity and problem solving are skills inherent in the day to day business of motorsport and precision engineering.
It’s the close correlation of these skillsets with the pre-requisites for a successful R&D claim that have led many businesses in the motorsport industry to take note of the opportunities for a substantial tax rebate from HMRC.
Particular activities in the motorsport industry which may indicate eligibility would include:
- Collaboration with external specialists on new design features
- Innovative use of materials
- The need for prototyping and testing
- Advancements in performance or fuel economy
- Adoption of more advanced technology into existing products
We have worked closely with several motorsport companies in recent months in securing valuable R&D tax benefits.
As an example, Alistair Fergusson, Group Managing Director at Alcon, specialists in brakes and clutches, explains how we have helped their business:
“Since starting to work with the R&D team at Beavis Morgan, we have been delighted to find that their expertise has enabled Alcon to prepare our tax credit claims faster, with less input from our own team, and with the inclusion of qualifying R&D costs that we had previously been missing out on.”
At Beavis Morgan, we have a successful track record of claims for businesses across a range of sectors. Being part of a full service firm of accountants, tax and business advisers, we are well placed to deal with the complex tax benefits that can be derived from a claim, and complete the tax computation returns, HMRC submissions and chasing the Revenue for repayment timeously and without delay.
For more information about how we can claim tax relief of up to 33% on your qualifying research and developments costs, contact Steve Govey.