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.
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