FEATURE Barth Consulting
Taking full advantage of a commitment to building
Whilst we don’t know what lies ahead for the construction industry over the next 12 to 24 months, we do at least have the assurance that the Government is totally behind the sector. Last year, Boris Johnson said we were going to ‘Build, Build,
Louise Barth Barth Consulting
Build’ and his Government has pledged billions for the public sector. In February, a further announcement outlined a £3.5bn Government fund to sort out the cladding on high-rise residential blocks in England. This, combined with the change-of-use classes, permitted
development rights, attractive ROI, not to mention property owners’ and occupiers’ response to COVID-19, the investment sector looks set to be active too. And what we can be sure about is that we already have a raft of
well-established tax incentives and reliefs to get business owners and investors to build, refurbish, fi t out and do some pretty amazing and innovative stuff . Capital allowances and R&D tax credits, to name but just two, are a source of vital revenue for companies in the construction and commercial property sector. T e UK construction industry is a world leader when it comes to getting the job done. It’s doing this with innovative designs, creative
new products and materials, new construction techniques and investment in improved effi ciencies, reduced carbon footprints and sustainability. T e construction sector does not see itself as
likely candidates for claiming R&D, though and too many capital allowances claims are not optimised because those managing the process and doing the calculations do not understand the legislation or the intricacies of construction and its procurement. T e claims can amount to signifi cant savings: - 19% of construction expenditure back in cash, 45% for individuals - 230% with R&D Tax credits, which means that for every £100 a business spends on R&D they could get £300 back.
An expert eye What is clear is that businesses looking for additional funds would do well to get an expert in at the earliest opportunity to identify the tax relief claims available to them. A report by BDO ‘Learning from R&D trends in
construction’ shows some startling facts: - The UK manufacturing sector contributes £190bn to the UK economy each year and receives 30% of all UK Government R&D tax credits
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ALL THINGS BUSINESS
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