The most recently updated figures for the 2016-17 financial year show that the Information and Communication sector submitted the most R&D Tax Credit claims. Companies in this sector made 27% of the R&D Tax Credit claims in this year, that’s 9,200 out of a 33,880 total. This means that businesses in this area received 28% of all the R&D Tax Credit money; £515m of £1.8bn. Average claims for businesses in Information and Communication were slightly higher than the £53,876 average, at £55,978.
Why do Information and Technology businesses make the most claims?
It is simple to see why companies in Information and Technology make the most claims. Their research and development is most easily fit the ‘scientific and technological breakthrough’ that is required for eligibility. This encourages business leaders to more readily investigate the application of R&D Tax Credit regulations to their business, where other types of industry mistakenly rule them out.
The diversification of new developments and their applications in this industry is astonishing and very exciting. Modifications to existing tech to address common problems, using machine learning techniques and Artificial Intelligence (AI) in new situations and even the recently reported use of virtual reality to assist firefighter training.
Virtual Reality in training of emergency services
Virtual reality (VR) technology, created by RiVR, is being adapted to be useful in firefighting training. This new aspect of the technology scans a real fire damaged area and then makes a virtual copy of the scene. After extinguishing the fire, this allows firefighters to go back into the scene to work out what happened. It assists with investigating the initial cause of a fire, how the fire spread and in evaluating the consequences of different courses of action.
The government are also trialing this as a tool for police officer training. Again, it can scan and recreate real crime scenes. Police officers are often faced with unexpected, extreme situations. They can practice being in these circumstances through the use of the new VR technology. This rehearsal is a useful preparation both for using their professional skills and the personal aspect of dealing with different types of traumatic event.
Information and Communication Technology R&D Tax Credits
Your sector is cutting edge by definition and many of even the smallest tweaks to a system (never mind the development of a whole new project) are the result of intensive research and development. It is only fair that you receive the R&D Tax Credits you are entitled to. Imagine what £55,978 of investment can do for your next project.
Yes, the process is detailed, but that’s where we come in. You don’t have to spend any of your time on the claim, other than supplying information. We’ll work out which of your projects are eligible, the costs that are applicable and deal with all the paperwork on your behalf. It really is an amazing tax relief – the project doesn’t even have to be successful. If you did the R&D, you can claim the tax relief even if the overall outcome was unsuccessful. Give us a call and we’ll get the ball rolling.