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Tax Relief Paid
to Sector in 2022
Research & Development Tax Credits
Average Payout Time
6 - 12 Weeks
Developing a new type of metal alloy that is more resistant to corrosion
Developing a new method for testing the safety of products
Developing a new method for testing the performance of products
Developing a new type of packaging that is more environmentally friendly
Please note that this is not an exhaustive list and if you are unsure whether your activities qualify, please feel free to contact us to find out more.
Tax Relief for the Manufacturing Sector Explained
The Manufacturing sector encompasses industries involved in the production of goods and products through various processes and technologies.
Successfully claiming tax refunds can bring several benefits to this sector:
Research and Development (R&D)
Tax refunds can support investment in research and development initiatives, driving innovation in manufacturing processes, materials, and product design. R&D investments help companies create new products, improve existing ones, and optimise manufacturing techniques.
Equipment and Technology Upgrades
Tax refunds provide financial resources for upgrading manufacturing equipment and adopting advanced technologies. This includes investing in automation systems, robotics, and digital manufacturing tools. Upgraded equipment and technology enhance productivity, reduce costs, and improve product quality.
Workforce Training and Development
Tax refunds can be allocated to training programs for the manufacturing workforce, enabling employees to acquire new skills and stay updated with industry advancements. Well-trained employees contribute to improved operational efficiency, quality control, and innovation in the manufacturing process.
Sustainable Manufacturing Practices
Tax refunds can support the implementation of sustainable manufacturing practices, such as energy-efficient processes, waste reduction, and recycling initiatives. Embracing sustainable practices helps companies reduce their environmental impact, comply with regulations, and enhance their reputation as socially responsible manufacturers.
Supply Chain Optimisation
Tax refunds can be used to improve supply chain management and logistics. This includes streamlining procurement processes, enhancing inventory management, and implementing efficient distribution networks. Supply chain optimisation reduces costs, improves delivery times, and ensures efficient production and delivery of goods.
Tax refunds can support export promotion efforts, enabling manufacturing companies to expand into international markets. This includes participating in trade shows, conducting market research, and adapting products to meet international standards. Accessing global markets opens new revenue streams and drives business growth.
Tax refunds can be allocated to infrastructure development projects, including the expansion of manufacturing facilities, upgrading production lines, and enhancing logistical infrastructure. Upgraded infrastructure supports increased production capacity, improves operational efficiency, and facilitates business expansion.
Successfully claiming tax refunds in the manufacturing sector supports R&D, equipment and technology upgrades, workforce training, sustainable practices, supply chain optimisation, export promotion, and infrastructure development. These benefits contribute to improved productivity, innovation, market competitiveness, and the overall success of manufacturing companies.
Our Tax Services for the Manufacturing Sector
Our in-house expert Research & Development tax consultants can help you to identify which government tax schemes you are eligible for and to make the most of what's available.
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