With over 325,000 registered firms operating within the sector, the construction industry generates around £120bn, or 6% of GDP, to the UK economy according to House of Commons Briefing Paper – Dec 2019) and many of these companies regularly engage in R&D to resolve complex challenges in their day-to-day operations. Although the industry itself plays a big part in driving the economy forward, the uptake on the R&D Tax Credit scheme is very low and we would urge more companies in the sector to review their entitlement. The average amount claimed through the scheme by construction firms is currently £67,000.
HMRC statistics relating to Construction claims