Here’s why clients in the foundry and cast metals sector must consider their R&D tax relief opportunity.
Foundry processes are continuously evolving:
- to improve the quality of products,
- increase production efficiencies; and
- to take advantage of new technologies.
Cast Metals Sector – The Breakthrough
Breakthroughs in knowledge continue to enable significant advances in metal casting and the strength of the UK foundry industry is supported by R&D and investment in capital infrastructure. The movement towards more automation, digitisation and new materials and processes creates significant opportunity to claim tax reliefs in this sector.
Is your business in the metal foundry or casting industry? Not sure what allowances you can claim? Read on to find out more.
Cast Metals Federation
Onyx has partnered with a specialised team that work closely with the members of the Cast Metals Federation. Enabling R&D in the cast metal sector to be one of our specialised areas.
Over the years our R&D Tax Team have secured millions in corporation tax relief for many UK foundries, through both R&D tax relief and capital allowances..
It is imperative that companies claim their entitlement to R&D tax relief and that their claim is representative of the extent of R&D activity taking place. The R&D tax relief scheme is an unmissable opportunity to claim either a reduction in corporation tax, or, for loss making companies, to claim a payable tax credit..
Calculating the Tax Saving
The R&D tax relief scheme is an unmissable opportunity to claim either a reduction in corporation tax of up to 24.7p in the pound or, for loss making companies, a payable tax credit of up to 33.35p of any pound spent on qualifying R&D activity.
Further information on R&D Tax Credit relief can be found on the HMRC website – Click Here to find out more.
How Onyx Accountants Can help You
Our knowledge and expertise in this sector is vast. Wondering if your business would qualify for R&D Tax Relief in the Cast Metals Sector?
If you would like to discuss your scope to claim, or to have a no-obligation chat in relation to the claims you already make, we would be delighted to help.
Our Tax Specialists are able to segregate new expenditure and also unlock unclaimed historic expenditure to achieve the full extent of available tax savings.
Whether you are making a claim or not, there isn’t a question we can’t answer about this sector. We undertake complimentary reviews to ensure you are maximising the opportunity, so whatever your circumstances, please get in touch!
GET IN TOUCH WITH ONYX
If you have any queries, or want to discuss further, please give us a call. Or e-mail us at enquiries@onyx.accountants for a FREE no obligation consultation.
Got any questions or queries? Our friendly team of tax specialists are happy to help. Just drop us a line! Call us on 0121 753 5522 or 01902 759 800.
