R&D in Agriculture involves the use of technology to enhance cultivation and farming methods and improve the efficiency, scale and sustainability of yield production and distribution.
R&D in agriculture takes place largely within the Agri-Tech sector, where technological advancements help in tackling the challenges and risks that the industry faces.
The Agri-Tech revolution has seen farmers team up with scientists, technologists, and engineers to apply the use of big data and IOT, robotics and AI, drones and other technologies to appreciably enhance methods, overcome challenges and ultimately increase yields and productivity.
The below includes only a few of the activities which are often included in R&D claims however, due to the nature of Agriculture, there are many more that can be included:
The majority of a claim will comprise costs for company staff involved with R&D, however, all materials consumed/transformed for trials that directly contribute to the R&D outcome can qualify in their entirety. This can significantly increase the tax benefit, especially in large scale projects. External laboratory and sample analysis costs relating to the R&D outcome can also be included in a claim. A typical agricultural claim might be in the region of £40,000 – £50,000.
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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