R&D Tax Relief in the Cast Metals Sector
Here’s why clients in the foundry and cast metals sector must consider their R&D tax relief opportunity.
Foundry processes are continuously evolving to improve the quality of products, increase production efficiencies and to take advantage of new technologies. Breakthroughs in knowledge continue to enable significant advances in metal casting and the strength of the UK foundry industry is supported by R&D and investment in capital infrastructure. The movement towards more automation, digitisation and new materials and processes creates significant opportunity to claim tax reliefs in this sector.
The cast metals sector is one in which YesTax has specialised for many years. We are official partners of the Cast Metals Federation (CMF) and have worked closely with their members since our formation. As part of our relationship with the CMF, YesTax has secured millions in corporation tax relief for many UK foundries, through both R&D tax relief and capital allowances.
It is imperative that companies claim their entitlement to R&D tax relief and that their claim is representative of the extent of R&D activity taking place. The R&D tax relief scheme is an unmissable opportunity to claim either a reduction in corporation tax, or, for loss making companies, to claim a payable tax credit.
Typical qualifying activities within this sector include, but are not limited to:
- Production of high integrity and complex castings
- Measurement and control developments
- Experimentation with non-traditional alloys
- Development of non-traditional casting methods
- Development of robotic technology
- Heat treatment development
Our knowledge and expertise in this sector is vast. If you would like to discuss your scope to claim, or to have a no-obligation chat in relation to the claims you already make, we would be delighted to help.
Contact us on: hello@yes.tax or 0114 5537850
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