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By victoria Taylor

WHAT IS R&D TAX INCENTIVE, AND WHO CAN CLAIM IT?

The R&D tax incentive is a reward for the research and development projects which aim to improve or transform product or process. R&D tax incentive scheme is designed by the UK government, which allows companies who are undertaking risk for bringing advancement in science or technology to get a tax reduction for their corporation tax or receive a cash refund for the qualifying costs. R&D tax incentive can be claimed by any company, whether it is profit or loss-making.

Companies of any size, whether small or medium-sized enterprises or large companies, if they are undertaking qualifying research and development activities, they are eligible to claim R&D tax credits. R&D tax credits SME scheme allows small companies to claim their R&D tax incentive, and the RDEC scheme is designed for large companies to claim their reward.

R&D TAX INCENTIVE AND FOOD & BEVERAGE INDUSTRY

The food and beverage industry has great potential for research and development as it strives to meet the new demands of the industry. As consumer demands are evolving, the food industry also evolves to create healthier food with eco-friendly ingredients and processes. Like other industries, the food and beverage industry also faces various challenges like technical or manufacturing problems and solutions, often achieved through extensive research and development of improved products and processes.

An increase in research has provided us with greater details of allergies and dangers of processed foods, which largely impacts the food and beverage industry. The food industry is more focused on producing plant-based food with healthier ingredients and unique tastes to meet consumer demands.

The majority of food and beverage companies do not realise that what they consider as day to day operations comes under research and development, and they are eligible to receive an R&D tax incentive for it.

WHAT TYPE OF ACTIVITIES IN FOOD & BEVERAGE INDUSTRY QUALIFY FOR R&D TAX INCENTIVE CLAIM?

The food and beverage industry is continuously evolving and attempting to improve the manufacturing processes and taste, which involves various research and development activities. Following are the examples of qualifying activities for R&D tax incentive claims.

  • Eradicating allergens from the food
  • Extending the shelf life of the items via new methods
  • Improving the texture or taste of the food
  • Improving the nutritional properties of the product
  • Developing solutions for cost reduction
  • Creating food to meet consumer needs and market trends like gluten-free, low carb, and sugar-free products without compromising on the taste of food.
  • Developing new and improved processes for increasing efficiency and saving time.
  • Producing preservatives and artificial flavor-free food.
  • Integrating healthier ingredients into the food
  • Creating new, improved packaging to enhance the durability and shelf life of the product.

HOW CAN YOU KNOW IF YOUR PROJECT QUALIFY FOR THE CLAIM?

If you are undertaking any of the aforementioned activities, then you may be eligible for the R&D tax incentive claim. To qualify for the claim, you must have:

  • Developed new processes or products to improve
  • Tried to improve existing products or processes using technological advancement
  • Faced technical uncertainties, and you have been attempting to resolve them
  • Experimented with new techniques or products.

HOW CAN WE HELP YOU?

Many businesses miss out on the R&D tax incentives they deserve for their efforts assuming that research and development are done in big labs only. No, that’s not the case. Your kitchen can be your lab too. No matter how small or big your innovation is, if you are contributing by creating better cost-effective, efficient processes or by integrating healthier ingredients into the food, you are eligible to claim.

Many businesses miss out on the R&D tax incentives they deserve for their efforts assuming that research and development are done in big labs only. No, that’s not the case. Your kitchen can be your lab too. No matter how small or big your innovation is, if you are contributing by creating better cost-effective, efficient processes or by integrating healthier ingredients into the food, you are eligible to claim.

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