The UK aerospace industry is a crucial sector, employing around 95,000 people and worth approximately £31 billion. Innovation through research and development (R&D) is essential to overcome the challenges and uncertainties faced by the industry. The government’s R&D tax credits scheme is designed to encourage and support innovation in the aerospace sector by helping companies invest in new discoveries and technologies.
The sector employs approximately 95,000 people and is worth approximately £31 billion, with R&D to overcome uncertainty and technical challenges resulting in some of the most advanced aviation and space flight technology.
Because the aerospace industry is at the cutting edge of technology, with innovation as a driving force, many projects are potentially eligible for R&D tax credits, and the number of R&D claims in the UK is increasing year on year. However, many aerospace companies may be unaware that they are eligible for the incentive, especially if work is subcontracted.
Many aircraft manufacturers operate on a “fixed-cost per-piece” basis, which means they bear the cost of R&D and are only compensated if the manufacturing process is successful. These components’ prototypes, first articles, and testing are also eligible for credit.
We suggest evaluating your project against the following criteria to determine if it meets the requirements for R&D classification in the eyes of HMRC:
Our team of sector specialists, Aerospace professionals, accountants, and former HMRC tax inspectors is uniquely equipped to identify eligible R&D expenses in construction projects that other advisors may miss. Our process, specifically designed for the construction industry, is aimed at maximizing your claim and minimizing exposure to HMRC inquiries.
EXPLORE: Schedule a free appointment below to determine your eligibility and your company’s total R&D tax position.
CREATE: We’ll create a claim that minimises your exposure to HMRC enquiries, speeds up the process, and undergoes rigorous compliance checks by our in-house team.
OPTIMISE: We’ll help you find additional sources of R&D funding and offer planning assistance for your R&D strategy, considering potential incentives and grants.
REWARD: We’ll help you safely receive the maximum tax credit available, supporting your future growth.
If you believe your claim has not been fully optimised and you may be entitled to a better service, or if you want to begin your first claim, seek professional advice from Bonham & Brook on how to proceed. Schedule a free consultation below.
It was a pleasure working with the guys at Bonham & Brook, especially considering that, with the wealth of knowledge backed up with the expertise of an ex HMRC officer, we had confidence going ahead with a claim for the first time. After successfully receiving a substantial refund, we would not hesitate doing another claim and, it goes without saying, Bonham & Brook will be our preferred partners going forward. Thank you, again.
We worked with the team at Bonham & Brook on the R&D claim that we were unaware of. To our surprise they made the whole process seamless and we received our refund from HMRC. We will definitely be using B&B again for our R&D claim to help us grow our business.
At first I believed that R&D tax credits were a little too good to be true or that my company would not be applicable. Jenson, Hannad and the team's expertise and experience reassured and guided me through the process. I had to put in approx. 1 - 2 hours work and they did the rest of the application. The first time we worked together they were able to claim for the previous 2 years, so we received a bumper double rebate. This money has helped us grow the business by having the cash to grow the team and increase our marketing budget. My business has grown thanks to their work, so I am eternally grateful.
Managing & Creative Director
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