Subsea Innovation

Last week our Innovations Tax Relief team attended the Subsea Expo at the AECC. It was a great opportunity to speak to a wide range of innovative companies with global reach and learn more about the latest industry technologies.

Subsea technology is continually pushing the boundaries of scientific and technological knowledge with significant uncertainties surrounding the subsea environment for companies to overcome. This is an industry where companies should be considering claims for Research and Development (“R&D”) Tax relief. This relief can help companies reduce the effective R&D spend on costly projects and create significant tax savings.

Qualifying activities include:

• Design of a new or more efficient product / process
• Appreciable improvements to existing products
• Process improvements in the production of existing products
• Adapting existing products and services

At AAB our innovations Tax relief team have considerable experience assisting subsea companies with their R&D Tax Relief claims. We have over the last three years, saved our clients circa £5 million in corporate taxes through R&D and Patent Box tax relief claims.

We can help to:

• Establish whether your company qualifies for any of the reliefs;
• Identify eligible costs;
• Provide advice on the requirements for supporting documentation and records;
• Work with you to prepare and submit claims to HM Revenue & Customs.

For more information please contact Stuart Riley (stuart.riley@aab.uk) or your usual AAB contact.