In industries like oil and gas, companies often create innovative, world-class products and spend amazing amounts of money on developing new technologies. More commonly, they may miss the hundreds of thousands of pounds they are entitled to claim in R&D tax relief. Whether the company is developing subsea systems or working to improve the development process, it may be eligible for this reward.
The oil and gas industry has been facing the challenge of finding and producing energy to meet global energy demand, as well as the challenge of a decline in oil and difficulty in exploring resources in areas with limited access. There are three major driving factors for research within the industry; improving operational efficiency, improving safety and reducing costs. On top of which companies must always consider environmental and safety standards.
Examples of Eligible R&D activities:
- Developing technologies to improve wellbore position;
- Advancing extraction techniques;
- Designing and developing offshore and subsea structures;
- Developing new or improved detection method to identify and / or prevent cracking or corrosion oil pipelines;
- Producing a design for refining oil and gas materials;
- Undertaking and interpreting geotechnical studies on a prospective site in challenging environmental location;
- Constructing water treatment plants and systems to treat wastewater;
- Developing software applications for internal or external use.
JJMK can assist you in obtaining tax relief for research and development activities. Whether your work involves basic research, applied research, or experimental development, JJMK can take the uncertainty out of the submission process and get you the credit you deserve for your innovation.
We would welcome the opportunity to discuss your business and help you assess the potential benefits which might be available to you under the R&D Tax Credit regime. Please contact us at info@jjmkconsultants.co.uk