Don’t forget about R&D

Businesses in the vending industry may not think that they undertake R&D but the Vending and Automated Retail Association (AVA) has reminded its members that the government definition of R&D is very wide ranging and investing in R&D is encouraged.

Tax credits worth about 28p in the pound of expenditure for projects are available for companies with fewer than 500 employees.

To count as R&D, projects must be aimed towards an advance in science and technology in order to overcome any uncertainty.

The project could research or develop a new process, product or service or improve on an existing one.  The bar is not very high and companies have found that they can claim thousands in tax relief with a bit of thought.  An internet search will demonstrate a number of companies only to keen to help vending companies make their claim.