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Commercial Printing R&D Tax Relief
Commercial printing plays a huge role in innovation especially with the onset of technology. It is perhaps one of the fastest developing sectors in innovation. Many processing and manufacturing processes use commercial printing to help create quality designs and prototypes at low costs and high speed. Commercial printing is quickly transforming practically every sector in the economy from food processing and packaging, trade accessories and much more.
It is one sector that qualifies largely for R&D tax relief. However, not every commercial printing firm is claiming for R&D benefits. This could be due to several reasons.
Printing industries can face many hurdles in their line of work. They have to keep up with giving the customers efficient and quality products while at the same time taking precautions that their products do not have any negative impacts on the environment. With the kind of high risk processes commercial printing firms take, they need every incentive they can get to help in developing better solutions to the many challenges they face.
What activities in commercial printing benefit from R&D tax relief?
Considering that many of the activities in commercial printing firms are very challenging, they need incentives to push them forward in order to be as efficient as they should be. Many of them have quite a sizeable number of employees but do not pursue Research and Development Expenditure Credit. Below are some of the R&D activities that could benefit commercial printing firms.
- Reducing waste from printing processes
Many industries generate a lot of waste but the printing industry generates more than many other industries in the market. Very many products are used in the printing sector. These include, ink, cartridges, toners, packaging materials, paper, chemicals and waste substrates. Commercial printing firms would greatly benefit from R&D tax relief to come up with ways to implement better ways to reduce waste.
- Minimising the environmental impact
If there is an industry that has a great impact on the environment, then it is the printing industry. Printing firms spend a lot of money annually in trying to comply with environmental legislation laws. This is something they have to do in order to retain their reputation among clients and competitors. The industry can benefit a lot from R&D in coming up with innovative ways to deal with issues pertaining to the eco-system.
- Hazardous substance management
Solvents are hazardous products mainly used by commercial printing firms. They pose a great danger to both humans and the environment. Some of the solvents used are thinners, dampeners, cleaning agents, bleaches and many others. In finding better ways to use solvents in order to improve and protect workers’ health and keep the environment safe, many of these firms can save on overheads and protect their reputation. This is an area where R&D tax relief would assist.
How do you know whether your commercial printing firm qualifies for R&D tax relief?
Your printing firm could be eligible for R&D tax relief if you can prove the following
- If you are using science and technology to advance your products or to bring new products and processes in the market
- If the project you are undertaking has an uncertainty and is a high risk business
- If there were no readily available and competent professionals and experts to carry out the project
How much does the commercial printing industry benefit from the R&D tax credit scheme?
If your commercial printing firm has less than 500 employees with a gross turnover of not more than €100 Million, then you can claim R&D tax relief for small business enterprises. This you can do by deducting 130% of all the firms’ costs from the annual profits of your projects. If your firm is making losses, you can claim 14.5% of any loss that can be surrendered.
If you have a larger commercial printing firm that employs more than 500 staff and a gross turnover of more than €100 Million, then you are allowed to go for research and development expenditure credit alongside R&D tax relief. Your claim should be equal to 11% of all your tax credits on costs from your projects.
Why contact us?
We know many of the firms are not aware that they are eligible for R&D tax relief.
We have a team of experts that will advise you on what you need to know and what you need to do in order to benefit from R&D.
You will not only be reaping the benefits of moving your innovation forward but you will save a lot of costs for your firm.
For more information on how you can get our expert help, book a free consultation by filling out the form on our website www.rdtaxcredit.org.uk