The UK continues to drive innovation in the maritime and marine industry, with businesses frequently embarking on ambitious projects in order to create an advance and overcome various technical challenges in their work.
This has only been amplified by Brexit, trade conflicts & Covid-19. Although creating many challenges, these uncertain times have also presented unique opportunities for continued homegrown innovation in marine tech.
This type of work can be rewarded by Research and Development (R&D) Tax Credits, a government-backed scheme first introduced 20 years ago, offering cash incentives to businesses across all sectors that have sought innovation.
In this difficult and financially unpredictable period, maritime SMEs should focus on unlocking their R&D to help secure their own growth and drive UK marine advancements forward.
Despite such high levels of genuine R&D within an immensely technical industry, many companies overlook the scheme by thinking their work isn’t eligible. This is where they can miss out.
If your maritime business has faced technical uncertainties when trying to overcome a particular problem, or took risks to develop a new way of doing things, it’s pretty likely R&D was involved at some stage.
This type of work could involve the exact qualifying activities that HMRC rewards – a valuable source of funding for continued R&D and accelerating business growth.
Marine SMEs have the power to unlock R&D
With so much room for progressive thinking and complex problem-solving across all sub sectors of the maritime sector, the scope for receiving R&D Tax relief is huge.
What are some examples of qualifying R&D activity?
- Designing hydrodynamics to improve speed
- Building cleaner engines
- Developing a new marine mechanical product
- Creating an improved maintenance service
- New bathymetry/hydrography products
- New construction techniques, corrosion protection and damage resilience
- Modifying or adapting drone technology
- Developing innovative production processes for more economic or repeatable production.
Ambitious maritime companies can quickly be transformed by R&D tax incentives, so it’s vital that the value of funding from a claim isn’t overlooked.
Having already helped numerous marine businesses secure the R&D Tax Credits they deserve, TS Partners has a wealth of experience handling claims for specialist maritime companies.
Weighing up whether or not your work qualifies for R&D Tax Credits? Our expert tax team can work to uncover all eligible activity and expenditure related to your business.
Get in touch with TS Partners at our Plymouth or Wellington office to find out where the potential lies in your claim.
Gelişmiş Bonus ve Promosyonlar Birbirinden cazip bonuslar ve promosyonlarla dolu bir dünyaya hazır mısınız? Siz de bu fırsatları kaçırmadan avantajlı alışverişin keyfini çıkarabilirsi…
Kolay Kullanım ve Güvenli Ödeme Seçenekleri Siz değerli müşterilerimiz için en iyisini sağlamak bizim önceliğimizdir. Ödeme işlemlerinde mükemmel bir deneyim sunmak için kolay kullanım…
In recent years, we’ve witnessed a significant shift among company car drivers, especially directors of owner-managed businesses, towards Electric Vehicles (EVs) to capitalize on the available t…
What is Land Remediation Tax Relief? If your property is owned or leased by a limited company, you (whether landlord or tenant) may be able to get tax relief on the costs of removing the asbestos and …
Navigating the UK business terrain, it’s clear that the right funding can pivot your growth trajectory. With this in mind, TS Partners has teamed up with Swoop, creating a bridge between your f…
Despite the limited tax breaks for UK commercial property owners or investors, many overlook the significant tax relief provided by capital allowances. This oversight often arises from unfamiliarity w…
For a while now, there have been persistent suggestions that the UK could be on the verge of entering a recession – and according to at least one authoritative source, that moment may finally come l…
Following an extended period of time in which the outlook did not seem greatly positive for very many businesses in the UK, our experts at TS Partners were cheered to read that according to one new bu…
Talk of recession risk for the UK is becoming a very well-worn theme at this point, but it is also sadly true that many an accountant in Newton Abbot – and their clients – must bear such a risk in…
As things stood at the time of this article being written, the destination of the Women’s World Cup trophy was yet to be decided; nonetheless, the England team has already captured the imaginations …
Firms around the South West of England – including many taking advantage of TS Partners’ expertise in accounting in Newton Abbot – seem to be remaining confident as the summer of 2023 wears on, …
Recent months, it is fair to say, have been ones of ups and downs for many UK business owners, who have been anxious to see reasons for optimism. The UK did at least avoid what had once been a widely …
It has been clear for all to see in recent times that firms across the UK have been buffeted by a range of adverse factors, not least inflation and climbing interest rates. However, at least one recen…
There sadly isn’t a lack of indicators of the exceedingly challenging situation for many small businesses in the UK – and beyond – at the moment. Sure enough, another one has emerged, with it be…
According to at least one source, it would seem that confidence in the UK economy among the country’s business leaders has declined markedly recently, erasing the progress that had been made in this…
In news that will not be cheering for the Bank of England (BoE) as it continues to struggle to drive down inflation, it has emerged that a far greater number of companies in the UK services sector are…
Amid continuing concerns about inflation and the economy, it seems that the UK Government has at least some reason for cheer: the “tax gap” for the year 2021 to 2022 has remained at its lowest eve…