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The future of Agriculture, Forestry and Fishing can benefit from R&D Tax Credits. With warmer temperatures, population growth and drier soils it would be a shame if the sector was not to take full advantage of the government’s incentive. There are many activities which companies don’t think as R&D in the Agriculture, Forestry and Fishing sector that are eligible for submitting a claim.
Have a look below to see examples of what counts as R&D in Agriculture, Forestry and Fishing. If your company has invested time, resources and money into the development of technology and software, there are likely claims to be made.
Use our free calculator today and you could have a significant benefit amount within 28 days!
There are several large companies that are innovative in the Agriculture, Forestry and Fishing sector,
below are just a few.
Here are 4 project examples in the Agriculture, Forestry and Fishing sector that would benefit from the incentive.
Adaptation of existing machinery, for example robotics that could improve the process of agriculture. Also adapting to atmospheric conditions like silage wrap.
The development of new machinery and components which enhances the productivity of the sector.
By creating food supplements that aim to improve livestock production and the reproduction.
Processes that for instance reduce waste or reuse waste products.
In short, yes. The best thing to do is to figure out how much R&D you are doing, you should then be able to assign a proportion of your light, heat, water and power that was used for your R&D and amend your claim accordingly.
One of the biggest portions of claims for the Research and Development tax incentive is circled around staff costs. Whether that might be people directly involved within the R&D or others who might be indirectly involved.
No, you do not need to create a new product to qualify for R&D Tax Credits. For example, if you tweaked a cleaning product which had an advancement, this could be claimed for the R&D incentive. Anytime you have attempted an advancement in the agriculture sector, whether this worked or not, could still have the potential to be a qualifying activity.
In 2020, there were only 555 claims processed by HMRC for the Agriculture, Forestry and Fishing sector, but on average you could receive £45,045 for your successful claim based on current statistics.
Where do we start? You can claim for:
Yes! You are able to claim for unsuccessful projects as this falls under the ‘uncertainty’ you faced during the Research and Development you undertook.
Examples of uncertainty for R&D are;
Find out how simple it is to claim your Software and Technology R&D Tax Credits.
Sometimes the parts you may think qualify, don’t. Here are some examples of what doesn’t qualify in the Agriculture, Forestry and Fishing sector.
Rent will not qualify for R&D Tax Credits under any circumstance.
Anything that comes under marketing is unable to be added into the costs in your claim. For example, making a website for your Agriculture website would not be able to qualify.
The cost of applying for a patent 'IP intellectual property' is not able to qualify under the incentive.
Purchasing land is another cost which will not qualify for the incentive. So for example, if you purchased land to develop the idea the land will not be allowed to be claim for.
Depending on your company size, you may qualify under the RDEC scheme (Research and Development Expenditure Credit) or under SME incentive (Small Medium Enterprises).
Find out more about your eligibility today.
Don’t hesitate on starting your claim, you could be entitled to money you didn’t realise you could have. With Counting Kings simple process you don’t need to worry about your time invested in the claim.
We have you covered!