Waste Management & Recycling - Don’t waste your opportunity to claim R&D tax relief!
Recycling and waste management services are some of the fastest growing industries in the UK. As the nation becomes increasingly aware of the environmental impact of its waste, there is enormous pressure on companies to reduce the amount of waste produced. Consequently, it has never been more critical to undertake research and development activity in this area.
Research and innovation are crucial factors in the success of forward-thinking waste management companies. The volume of waste that needs to be managed is vast, and businesses are forced to ensure they have the correct infrastructures, processes and systems in place to facilitate waste management. Such investments are often time consuming and expensive.
Corporate social responsibility demands that businesses develop and deliver environmentally sound and legally compliant solutions to mitigate today’s challenging waste management and regulatory issues. For businesses here in the UK, R&D tax relief goes some way in making this type of investment much more affordable.
The R&D tax relief scheme is an opportunity to claim a reduction in corporation tax of up to 24.7% of qualifying expenditure, or, for loss making companies, a payable tax credit of up to 33.35% of qualifying expenditure. The relief is available to companies which can demonstrate technological or scientific improvements.
One recent example of a qualifying R&D project in this sector was an investigation into whether a commodity product, manufactured by the conversion of the biodegradable fraction of municipal solid waste (BioSW) into a stable, transportable fuel, would be suitable for co-firing with coal in a conventional coal-fired power station. There are often claims where clients are repurposing, otherwise waste materials, for a new application. We have also seen claims based on developing new processes to derive clean energy from materials previously sent to landfill.
It’s essential that companies working in this sector assess their eligibility for this value tax relief. Whether you are making a claim or not, there isn’t a question we can’t answer, so please get in touch for a no obligation discussion.
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