The construction industry is predicted to be worth 236.8 billion between 2020 and 2024. Therefore, it is a massive aspect of R&D.
The construction sector can be broken down into a few different categories – these include, private sector housing, infrastructure, industrial and commercial, public sector housing and more.
From these categories, there are then endless specialist companies such as builders, fitters, trades, engineers, manufacturers and other suppliers.
Although awareness of the R&D scheme has increased, there is still lots of misunderstanding surrounding it. Most companies believe that it can only be claimed by people who do science in a laboratory. HMRC don’t make it very clear as to what can be claimed and how. This is so that the scheme can be relevant to any industry and not strictly ones which are lab based. There are lots of different ways that qualifying activities can be undertaken by the construction sector – this could be during both the design and prototyping processes while projects are being implemented on site.
What should you ensure before claiming?
Must be a limited company in the UK, subject to corporation tax
Must have carried out research and development into new products or processes
Must have spent money on the above projects
Examples of R&D within the Construction sector
Investigating and using new materials
Adapting and finding new purposes for existing traditional materials
Researching energy saving techniques
Overcoming traditional challenges in new ways
Creating efficient construction techniques
Developing safer methods and practices
Researching and developing new tools