R&D activities in engineering.
“Scientists investigate that which already is. Engineers create that which has never been”– Albert Einstein.
Einstein’s words on engineering remain as true as ever, as engineering continues to change the world around us. To achieve their objectives, engineering companies often need to expand their knowledge, learn from mistakes and develop new products and processes to overcome technical challenges.
Engineering is diverse, evolving, and multi-disciplinary, and we can see examples of engineering innovation around us every day, whether it be automotive, infrastructure, M&E, telecoms or many other fields. None of this innovation is possible without Research and Development, for which support exists through the R&D tax benefit.
‘We have seen many multi-disciplinary Engineering clients benefit from R&D tax relief.
Qualifying activities are wide ranging across Mechanical, Electrical, and Precision Engineering projects.’
Paddy Pringle
Tax Incentives Manager
What types of activities qualify then?
Qualifying activities are wide-ranging but will depend on a number of factors, such as the level of technical uncertainty, the level of design input and responsibility, and the level of risk.
However, in all cases, there should be an advancement of knowledge or capability in the sector.
Some examples of technical activity are outlined below:
-
Developing prototypes - Automation of processes
- Developing and re-developing multiple design iterations in the pursuit of a final product that can be taken to development stage.
- Designing and implementing a bespoke infrastructure network to operate within a challenging environment.
Developing prototypesFeatured Case Studies.
Eugene O’Neill FCA CTA
Managing Partner
Eugene is a highly experienced R&D tax credit and Capital Allowances specialist, having led tax incentives teams within two multi-national practices prior to establishing the Inspired team.
A Chartered Tax Adviser and Chartered Accountant, Eugene places paramount importance on developing in-depth knowledge of his client’s businesses and operational activity, which places clients in the best position to identify and claim against qualifying R&D activity
Michael Heinicke FCA CTA
Partner
At Inspired Corporate Advisory, Michael is the Director with responsibility for tax technical knowledge and innovation. He works to develop strategic client and partner relationships to innovate how Inspired deliver maximum value to all stakeholders. Michael also provides guidance across functions to optimise the way in which services are delivered.
Prior to joining the team, Michael spent 18 years in PwC across Manchester and Belfast and was most recently a Tax Director leading the Innovation & Capital Incentives practice within Northern Ireland. Michael also previously led PwC’s Corporate Tax business in Northern Ireland between 2015 and 2018.
Colm Cavavagh ACA
Partner
Through both industry and sporting circles, Colm has amassed an extensive network of clients, collaborators and contacts which has been maintained and grown with his excellent relationship management skills.
Colm is a trusted advisor to many clients and peers. Colm is a Chartered Accountant with both practice and industry experience, and has vast experience in R&D tax credits, both from a practice and company perspective, giving him an insight into both best-practice and the needs and concerns of clients.