Could your Marine Company Qualify for R&D Tax Credits?
It has been stated the UK is the fourth largest ship builder and the third larges boat builder in Europe. The marine industry brings together almost all innovative sectors from
- Atmospheric science… under one umbrella specialised in the unique variables within the environments vessels operate.
It is often the case that in one project utilises numerous companies, all of which are undertaking qualifying R&D activity in developing the end enhancement, however often very few of these consider their part in the project to qualify for relief. For example, the refurbishment of large vessels under and extended life programme which has resulted in both the prime contractor and specialist subcontractors qualifying for relief.
It must also be remembered that innovation does not need to be successful to qualify for relief. Say if a company experiments with a novel navigational system for a specific vessel, you would anticipate the redesign to incorporate several stages from research, theoretical design, test design, prototyping and finally operational testing. Should the design fail under testing and an existing navigational system be installed into the vessel, the cost of time and resources utilised in the failed design will often still qualify for R&D tax relief.
It is essential that Marine technology old and new is fail safe and capable of operation in severe weather. The UK has a wealth of ship building technology dating back centuries. Significant levels of innovative R&D is undertaken at strategically located universities, leading degree courses liked to Marine technology can be found at
- University of Southampton
- University of Strathclyde
- University of Newcastle