Is your offshore maritime business eligible for R&D tax relief?

Offshore maritime companies who undertake complex and challenging projects are likely to have activities that qualify for a cash incentive in the form of research and development (R&D) tax relief.

If you can answer yes to any of the following questions you may qualify for a cash incentive in the form of R&D tax relief.

   DP39920-Blog-heading-icons-01-(2).pngProblem solving and design
 

  • Do you carry out design work or carry out any form of technical or scientific problem solving?
  • Have you come up with novel designs or developed any bespoke underwater structures?
  • Have you filed any patents for technology developed in-house?
  • Are you renowned within your industry for your expertise surrounding a certain type of equipment or facility design?
  • Have any other companies asked you to undertake design or feasibility processes to assist with any part of their projects?
  • Do you subcontract anyone to carry out design or feasibility work for you?

DP39920-Blog-heading-icons-02-(1).png   Strict requirements

 

  • Are you trying to improve sustainability and meet new sustainability legislation?
  • Have you ever had to develop or refine a design to improve accuracy and meet reduced tolerances?
  • Have you ever had to develop your design or process to accommodate unforeseen conditions or risks?
  • Have you ever had to analyse, design or construct on a scale unseen before or uncommon in the offshore maritime sector?
  • Have you ever had to develop products, design or construction techniques to meet changing or new regulations?
  • Have you had to develop any processes or design to accommodate health and safety concerns, such as hazardous material or confined spaces?

DP39920-Blog-heading-icons-03-(1).png   Manufacturing techniques

 

  • Have you developed any construction methods or processes?
  • Are you using new materials, design processes or construction techniques?
  • Have you had to develop any technical solutions to automate processes or reduce labour costs?
  • Are you combining two or more existing processes, methods or techniques in a unique way?
  • Have you developed processes or systems to make them more resource efficient?
  • Do your analytical and design methods or manufacturing processes use cutting edge technology?

DP39920-Blog-heading-icons-04-(1).png   Software

 

  • Are you combining two or more existing software technologies in a way never previously attempted?
  • Have you done any development to significantly improve basic operations?
  • Have you developed any software driven processes that improve internal efficiencies, such as interfacing or real-time processing?
  • Have you developed any new or enhanced any existing query languages for databases in an attempt to significantly increase the power of search or manipulation?
  • Have you rewritten an existing system to enable it to run on new hardware?
  • Have you had to upgrade any systems or processes which historically have not advanced much over the years?

Case-study-graphic.jpg   Case study


Moore Stephens recently assisted a firm of offshore engineering consultants in preparing their claim for R&D tax relief. The company, with a turnover of £5.5m, was able to claim a tax credit and tax reduction totalling over £170,000 for development projects including development of subsea cyclone separation technology, automatic control algorithms, higher capacity slug-catchers and improvements to the accuracy of boil-off gas calculations.

If you have answered yes to any of the overleaf questions, then please contact a member of our team to find out how we can help you claim R&D tax relief.
 

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