The UK's new car market held steady in February with figures showing a slight dip (-0.3 per cent to 83,115 units) compared to the same month in 2016, according to figures released by the Society of Motor Manufacturers and Traders (SMMT).
Fleets drove the market, with 45,699 cars registered (up 3.3 per cent), while private demand fell -4.4 per cent to 36,018 units and business registrations declined -5.3 per cent to 1,398.
Following January’s strong performance, buyers registered a record 3,308 alternatively fuelled vehicles (AFVs) in February, a 48.9 per cent uplift on 2016, taking a 4.0 per cent market share. This was partly driven by new AFV models going on sale as a result of significant investment in Research & Development (R&D) by manufacturers into "cutting edge, fuel-efficient technology.”
R&D tax credits – money back for innovation
R&D tax credits have proved to be a major boost to British business, but many are still unaware that they can claim the credits to help fund research and development, often incorrectly thinking that their on-going investment in product and process innovation, i.e. the enhancement of existing products and services, does not quality because it is “just what we do”.
Having helped many businesses across a variety of sectors make significant ‘money back for research and development’ claims when some were previously unaware they could, we know first hand how important the R&D tax credit scheme is in encouraging innovation and increased spending on research and development activities by companies operating in the UK.
Our R&D tax credit specialists are on hand to maximise the value of any potential claim and manage the often complex process on your behalf.
If you would like to find out more about how we can help you plan your business efficiently and navigate the maze of tax issues for you and your company whilst taking advantage of the various tax incentives such as the government R&D tax credit scheme, contact Steve Govey or your usual Beavis Morgan Partner.
Further reading:
R&D Tax Credits – Why thousands of businesses are missing out
R&D Tax Credits for SMEs – A user guide