Construction projects encounter a host of complications that are often considered routine or “nothing new”. The resolution of these challenges typically requires non-standard technical approaches, to successfully reach completion. The R&D scheme is subsequently in place to reward the efforts dedicated to overcoming these constraints, by reducing your corporation tax liability.
Despite the immense financial benefits, the last decade has seen only 3% of all construction companies take advantage of this lucrative relief.
This slow uptake is likely the result of a lack of thorough understanding of the scheme, but also down to inapt guidance regarding qualifying activities. However, construction sites encounter unique hindrances, with uncharted potential to innovate.
The identification of qualifying R&D activity is often very subjective; and requires specialist interpretation to pinpoint. Nevertheless, the construction life cycle can generate a full spectrum of advancements from developing new methodologies, adapting atypical technologies or improving existing processes, whilst remaining both cost and regulatory compliant.
An average SME operating within the sector can claim in excess of £50,000, with its large companies eligible for over £250,000.
To find out more, contact Bonham & Brook.
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
They were very on top of things, very efficient & courteous and knew what they were doing. Would definitely recommend.
I am very glad that I was recommended to Bonham & Brook to help take on our R&D claim. They certainly exceeded my expectations of what I thought I was due back from the HMRC. The whole team, from start to finish, were all very professional and friendly. I look forward to having the opportunity of working with the team at B&B again.
Great service and a responsive team that helped a lot with preparing the documentation to get the job done quickly.
Please get in touch and a member of our team will get back to you immediately.