Jumpstart, one of the U.K.’s leading research and-development tax-relief specialists, has created a factsheet that takes a cross-sectoral look at robotics from the perspective of a company pursuing R&D tax credits. The infographic also includes some pretty interesting facts and figures which will hopefully help to stress the importance of R&D tax credits for robotics companies!
For those who may not know, the U.K. government awards tax credits as an incentive for R&D. Companies can exchange the credits for payable cash. Such credits can massively reduce a robotics company’s tax bill, especially for those that conduct R&D fairly regularly. Despite criticisms and fears of automation displacing jobs, the government wants to help companies that are hesitant to invest in research activities because of cost concerns.
Qualifying for R&D tax credits
For a company to be eligible, it must demonstrate that its product or service is truly innovative, and is a technical advancement to what’s currently available on the market. Many robotics companies should find themselves eligible at some stage. Even if the R&D activities aren’t successful, there is still a chance that a robotics company would be able to file a claim.
Jumpstart‘s infographic below highlights the huge opportunity for robotics companies that decide to make use of their eligibility for British R&D tax credits.
The post Infographic: U.K. Tax Credits for Robotics, AI R&D Explained appeared first on Robotics Business Review.