At Lumo, we specialise in helping businesses in the dynamic fields of science and technology navigate the complex world of R&D tax relief.
We simplify the process, making sure these businesses not only understand but also make the most of the available benefits.
The science and technology sector stands as a beacon of invention, powering progress and shaping the future.
Despite its pivotal role, many businesses in this sphere overlook the potential for R&D tax credits.
Whether you’re conducting groundbreaking research in biotechnology, developing cutting-edge software, or pioneering advancements in artificial intelligence, your endeavours likely qualify for significant tax relief.
The professional, scientific, and technical (PST) sector is at the heart of innovation in the UK, propelling advances across incredibly diverse fields.
With over three million employees and encompassing 14% of all SMEs, this sector fuels economic growth and fosters groundbreaking discoveries.
Despite the challenges posed by the COVID-19 pandemic, the sector is poised for resurgence.
HMRC indicates a steady rise in R&D expenditure, with the UK government actively investing in scientific and technical prowess to bolster the nation’s competitive edge.
R&D tax relief isn’t limited to traditional laboratories. In fact, innovation thrives across diverse sectors within science and technology. Here are some examples of qualifying activities:
Software Development: From cutting-edge algorithms to revolutionary applications, software developers may be able to unlock substantial R&D credits.
Engineering Advances: Whether it’s designing groundbreaking products or transforming production processes, engineering firms drive innovation in a variety of sectors.
Biotechnology & Pharmaceuticals: Research into new treatments, drug development, and medical devices are prime examples of R&D activities eligible for tax relief.
Renewable Energy: Significant innovations in renewable energy technologies, such as solar, wind, and battery storage, contribute to a sustainable future and may qualify for R&D relief.
Artificial Intelligence & Machine Learning: Advancements in AI and ML technologies, including natural language processing and computer vision, are at the forefront of innovation and may qualify for R&D relief.
Telecommunications: Developing next-generation communication networks, IoT (Internet of Things) solutions, and technologies that exploit 5G may qualify as R&D expenditure in the sector.
With the merging of SME R&D tax relief and the Research and Development Expenditure Credit (RDEC), the process is set to become more streamlined and accessible.
Our team at Lumo stands ready to guide you through these changes, ensuring you continue to maximise R&D benefits.
R&D tax credits offer wide-reaching benefits beyond financial incentives. They fuel innovation, drive growth, and contribute to positive change on a global scale.
At Lumo, we’re passionate about helping businesses in science and technology unlock their full potential, and support making the UK the best place for business.
Paul Lofthouse - Business Development Director
Waymark IT
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