Apparel & Textile R&D Tax Credits
The UK textile industry is highly innovative, ranking no.3 in the world and no.1 in Europe for patent generation.
It’s not just clothing, shoes and accessories, textile R&D can be found in the upholstery fabrics we see everywhere and even in medical grade fabrics used by medical professionals.
From new dye formulas, fabric properties, SMART integrations, manufacturing techniques and more, this industry is rich in potential R&D tax credit qualifying projects.
R&D tax credits can offer textile and apparel businesses an additional tax deduction of up to 130% (SME example) off all qualifying innovation spend (changing to 86% on all expenditure on or after the 1st April 2023 (View R&D tax credit changes)).