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WHAT QUALIFIES IN WIND ENERGY PROJECTS?
Here are just a few examples of what can be claimed for, taken from the top performing renewable energy sectors as measured by how much they recovered in R&D tax credits from the government last year. The list is by no means exhaustive, but it does give you an idea of the types of work in your sector that could well be eligible for R&D tax credits.
• Meeting higher efficiency targets (the amount of power wind turbines can safely produce at a particular wind speed) and superior reliability of electricity generation
• Improving durability and robustness through minimising or eliminating premature component failure (caused by the high number of load cycles and operating conditions) and minimising wear associated with loads and vibrations. This applies to the gearbox, the drive train and bearings, the hydraulic system, the mechanical braking system, the electronic controls, etc
• Advancing the design of the rotor blades for improved reliability, structural resistance, aerodynamic properties and noise-related performance
• Reducing environmental issues affecting local wildlife
If these conditions apply to your project, congratulations! You can claim R&D tax relief on its day-to-day costs and expenditure, including things like staff, subcontractors, materials, software and utilities.
THINGS TO WATCH OUT FOR WHEN MAKING A CLAIM
R&D TAX RELIEF IS ONE
OF THE GOVERNMENT’S MOST GENEROUS FORMS FOR TAX RELIEF
One of the problems involving claims for R&D tax relief is separating the routine parts of a project from the non-routine, especially when dealing with large, high- value, complex ‘first-in-class’ items. HMRC recognises that ‘first in-class’ items can entail a significant level of innovation and that the production of such an item can involve one or two R&D projects. However, HMRC doesn’t expect the entire build cost of the item to qualify for R&D tax relief.
It’s very important that companies identify and assess which parts of the ‘first-in- class’ items contribute towards eligible expenditure. That’s why it’s always wise to seek professional advice before undertaking a claim.
Involving specialist advisers, such as Jumpstart, also helps you to submit your claim in the most efficient way possible, since you’ll benefit from the streamlined processes and years of experience they’ve built up submitting thousands of R&D tax credit claims successfully. With support from the right specialist advisers, you’ll be able to…
• Demonstrate which of your activities qualify under the scheme
• Open up a new revenue stream to fund further R&D projects
• Learn how to make the best use of the scheme going forward
JUMPSTART CAN HELP
Jumpstart is a leading R&D tax relief specialist, guiding companies through the complexities of submitting claims to HMRC. The company’s large team of technical analysts have specific scientific and technical backgrounds and years of industrial experience which have resulted in an extremely high success rate in securing R&D tax relief for our clients. Jumpstart are not just talking about a few pounds and pence. Since inception 9 years ago, they have identified and documented over £417 million of eligible spend and realised £84 million benefit for their clients. All on a no-win, no-fee basis. And right now, they’re submitting an average of 500 claims per year to HMRC.
R&D TAX RELIEF SCHEME – LOOK INTO IT… DON’T IGNORE IT!
If there’s one thing that the wind energy sector as a whole should know about the R&D tax relief scheme, it’s this: look into it. Don’t ignore it, thinking it’s not for you – you may end up being pleasantly surprised.
Jumpstart
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