The agriculture and farming sector is increasingly exploiting new science and technology. Farming operations are becoming more sophisticated and farmers are investing in various innovative projects for their buildings, equipment and new technology to meet the demands of their industry.
However in 2019 HMRC reported that businesses in the Agriculture, Forestry and Fishing industry were under-claiming R&D tax credits. This means that there are still a large number which are missing out on claiming tax relief on R&D projects which they may be entitled to receive.
What is R&D tax relief?
In 2000 the UK government introduced a scheme to encourage scientific and technological innovation. The R&D tax credits scheme allow companies that carry out qualifying R&D related to their trade to claim an extra corporation tax deduction for certain qualifying expenditure. Furthermore the UK government have pledged to run R&D tax credits until 2032.
According to HMRC, a project to develop a new feed or to grow crops that have substantially increased vitamin content, produce better or more reliable yields, or are more tolerant to weather conditions and resistant to blight, would all be considered as qualifying R&D. These are just a few examples and more can be found on our agriculture section.
R&D tax relief claim – Whartons Nurseries
At Easy R&D we have processed hundreds of R&D tax relief claims since 2015. One of our agriculture clients who have successfully claimed R&D tax relief is Whartons Nurseries.
Whartons Nurseries are a garden rose powerhouse cultivating 1.5 million plants each year, the largest wholesale grower in the UK. To explain his company’s experience of processing an R&D claim with Easy R&D, Paul Wharton who is Director at Whartons Nurseries, stated:
”We had heard of the HMRC R&D tax credit scheme and thought it might apply to us. Through a recommendation by a friend, we started talking to Easy R&D. They quickly helped us shine a light on our business and realise the true extent of the R&D we had been carrying out. But nothing had been claimed back from HMRC. Easy R&D’s input helped us make a large claim which resulted in a substantial tax repayment from HMRC. This money is put back into R&D to help us grow the very best garden roses whilst retaining our leading position in the UK market.
How Easy R&D can help your business
At Easy R&D we are on a mission to support innovative businesses by helping them to claim R&D tax credits which they may be entitled to receive. This generous tax benefit can help a business to unlock resources, and for many, this enables a culture of innovation to be embedded into an organisation.
Our R&D Consultants are knowledgeable, highly experienced and can identify R&D costs which qualify for the scheme. We provide full end-to-end support to process claims, flexing around the needs of the client to minimise their time commitment.
If you’d like to enquire about R&D tax relief on any of your agriculture projects, you can speak to one of our experienced Consultants on 0800 195 7516 or submit an enquiry form for a free consultation.