With population growth, warmer temperatures and drier soils, the future of agriculture would look bleak if the sector weren’t to take full advantage of the government’s research and development (R&D) tax relief scheme.
HMRC is readily awarding investment, research and innovation that businesses, just like yours, put into tackling these significant challenges. With Brexit done and hopes of a greener, post-pandemic world, the government is eager to put the UK firmly at the centre of the agri-tech revolution.
Whether it’s big data, drone technology, robotics, vertical farming, the need for R&D in the industry is enormous. Yet, many agriculture businesses are still drastically underclaiming the R&D tax credits available to them — or aren’t even claiming at all. You could also be missing out on tens of thousands of pounds to plough (no pun intended) straight into your business to spend however you choose.
Many agriculture companies view activities that are rich in R&D as merely the day-to-day running of their business. Others are put off by the complexity of making a claim. Added to this is the lack of confidence many businesses have in distinguishing between qualifying R&D activities and routine development that wouldn’t typically qualify, which is where we come in.