FEATURE u Food & Beverage Ways to obtain tax credits
Food and beverage companies keeping up with the demand to improve products and packaging can be rewarded with direct cash flow
“Companies within the food and beverage industry are constantly performing activities to keep up with their competition and the industry’s evolving health and safety standards” – Lee Ferry, President of National Tax Group
C
ompanies in the food and beverage industry are constantly evolving to meet the demands of their
clientele and keep up with the competition with others in their industry.
QUALIFYING ACTIVITIES Businesses investing in research and development for new recipes, packaging, formulas or processes can be rewarded with lucrative tax credits that can bring in a direct source of cash flow. If a company has been involved in any activities that enhance products and processes, National Tax Group can help them obtain these R&D tax credits that are dollar-for-dollar reductions in their tax liability. “Companies within the food and
beverage industry are constantly performing activities to keep up with their competition and the industry’s evolving health and safety standards,” said Lee Ferry, President of National Tax Group. “Many companies are able to reward themselves with R&D credits for the steps they are already taking, and our in-house experts have the knowledge to help you receive these rewards.”
18 June 2021 Irish Manufacturing
Some of the qualifying activities that food and beverage companies and manufacturers perform include: • Improving the shelf life, taste, or
nutrition of food or drink products. • Updating processes to comply with
new legal and regulatory changes. • Modernising lab equipment to improve
the safe handling of food products. • Executing more energy-efficient
processes that save water, fuel and utilities. • Packaging food or drinks in more sustainable ways. • Developing mobile applications that
provide easy communication between businesses and their clientele. • Developing new technologies such as
new software implementations, technology consultations with a firm or professional, and automation of various processes.
R&D TAX CREDIT The research and development tax credit has a broad definition and provides many opportunities for food producers, packers and processors to receive a generous tax credit. If a company thinks their business qualifies for R&D tax credits,
they can contact National Tax Group’s tax professionals now, to set up a free initial assessment to determine if you qualify for these credits and receive assistance throughout the entire process.
TAXATION National Tax Group is a full-service group of tax professionals who provide high-quality tax solutions associated with 179D, 45L, cost segregation and research & development for businesses. Having worked in multiple areas of taxation, National Tax Group implements methodologies that are recognised by the government and have experience in complex tax incentive programs that have made them valuable partners to all of their clients.
The National Tax Group’s ability to seamlessly collaborate with every business has made it a rapidly-growing firm capable of handling complex challenges.
National Tax Group
ntgadvantage.com
www.irish-manufacturing.com
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