A new report from HMRC for research and development (R&D) tax credit claims has revealed that the construction industry claimed back £400 million for the year 19/20.
This was made up from 6,015 claims submitted – with construction R&D claims rising.
Leslie Maloney, tax specialist at R&D tax specialists Access2Funding, said, “I personally believe this report shows opportunity for real growth for innovative businesses, particularly in those high growth sectors and a shift towards the new economy. The more traditional sectors like manufacturing and construction have been claiming R&D for many years and we expect this to continue for many years to come.”
Access2Funding said the average claim value across the UK is sitting at approximately £57,000.