Over 4000 businesses took part in a recent study conducted by Constructionline, giving us an insight into the impact Covid-19 has had on the Construction industry.
Here are some of the most hard-hitting findings from the study…
- 62% of companies say they have had to suspend operations due to the pandemic.
- 47% have experienced staff absences as a result of Covid.
- 38% believe they will experience significant financial difficulties.
- 87% have been affected by Covid-19.
If you work within Construction and you have been impacted by Covid-19 or you have concerns that cashflow may become an issue, then it is certainly worth you are looking into the Research and Development Tax Relief Scheme. We are direct agents of HMRC and we help businesses claim money back which has been spent on sub-contracting costs, PAYE salaries, consumables and wasted materials.
Do we qualify?
In construction, your everyday projects qualify. These projects often lead to a unique set of challenges – and you can be financially rewarded for overcoming these challenges. In order to qualify for the Research and Development Tax funding, there are four main criteria you must meet. You must have made or be making an advancement of technology and or knowledge. You need to have taken a systematic approach to overcome uncertainty. During the planning stages, you needed to be unsure of how you may achieve the desired outcome. Finally, you must bear financial risk for the project, even something as simple as hiring new staff to carry out certain parts.
If you are carrying out projects where you are: Overcoming issues, developing new or ‘green’ products, making improvements to techniques, enhancing safety, testing and prototype, you are very likely to be entitled to claim back funds through the R&D Tax scheme.
To find out if you are eligible for this relief please get in touch! 0141 378 9200 firstname.lastname@example.org