R&D in Precision Engineering
Industry Spotlight
How might Precision Engineering companies qualify for R&D tax relief?
Precision engineering companies are constantly exploring new technologies, materials, and processes to improve the precision, quality, and efficiency of their products. This type of research and development (R&D) activity can be costly but can also lead to significant advancements and competitive advantages in the market. Fortunately, precision engineering companies may be eligible for R&D tax relief, which can provide valuable financial support for their innovative work.
Here are some examples of how a precision engineering company might carry out R&D
The company may research and develop new automation and robotics technologies to improve their manufacturing processes and reduce costs
The company may collaborate with universities, research institutions or other companies to share knowledge, resources and expertise in specific areas of research.
Precision engineering often requires the use of specialized materials with very specific properties. R&D can be used to develop new materials that are stronger, lighter or more heat-resistant for example.
R&D can be used to explore emerging technologies, such as artificial intelligence or additive manufacturing, to improve the precision and accuracy of products.
R&D can be used to improve existing products by optimizing their design and performance. This can involve analysing data from product usage, conducting customer surveys and performing field tests to identify areas for improvement.
The company may conduct research into new materials, such as alloys or composites, to improve the performance of its products.
R&D can help precision engineering companies to optimize the cost of production, such as developing new tooling and fixtures or reducing scrap and rework.
The company may develop new software tools to improve the design and manufacturing process, such as computer-aided design (CAD) software or advanced control systems.
The company may invest in testing and analysing their products to identify areas for improvement and develop more efficient production processes.
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Has your company engaged in this type of activity in the past?
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