Over the last few years, there has been a significant drive to increase efficiency and innovation in the UK’s construction sector.
In the 2020 Budget in March, the Chancellor promised to “get Britain Building”. This coupled with the delayed publication of the UK’s National Infrastructure Strategy, with off-site construction anticipated to play a large part in that, means the use of digital technologies and innovative approaches to infrastructure delivery will be a key focus for the industry. Homes England has also launched its own study into modern methods of construction (MMC) to drive innovation in the sector, and in Scotland the Construction Scotland Innovation Centre continues to champion the use of new methods of construction.
With this planned increase in investment and activity, there is a need to consider new ways of working, with a focus on MMC and design for manufacture and assembly (DFMA). This focus on innovation, new processes and approaches, brings with it an opportunity for companies to claim tax relief on any research and development (R&D) costs they incur. This is a valuable relief and can provide additional return and cash flow benefits.
For further details please follow the link here.
If you would like to discuss how this could affect your business please contact Roger Wareham, a partner in our Bournemouth office, on 01202 204717 or via email at roger.wareham@saffery.com
