The manufacturing industry is founded on the efficient creation of high-quality, in-demand products. These products can take countless forms - from food and drink ranges to state-of-the-art technology and beyond - but whatever the product, continuous development and refinement is key.

Research and development (R&D) isn’t something you may even realise your manufacturing business is investing in. But whenever you build a prototype, experiment with new design processes or fine-tune an existing product range, the research and development process is under way.

We’re taking a closer look at a few primary examples of product development in the manufacturing sphere. With this insight, you can establish whether your business could be eligible for coveted R&D tax credits - the key to funding your next great product.

Developing products using computer-aided design tools

Strategic design is the foundation of a product range that’s fit for purpose, and computer-aided design (CAD) tools are an indispensable go-to solution for visualising products before they’re manufactured.

If your facility makes use of this technology to develop cutting-edge products and realise new possibilities within your industry, you could be eligible to claim R&D tax relief on this important product development work.

Developing second gen or improved products

The work of a product development team is never done. As your competitors continue to release the latest incarnations of their products, and innovative new production methods become accessible, it’s crucial to subject your own products to continuous improvement.

This improvement might come in the form of integrating new, more practical, affordable or sustainable materials. Alternatively, it might involve incorporating new functionality to satisfy evolving customer needs. Whatever the next generation of your product range looks like, there’s no getting around the fact that research and development is all part of the refinement process.

Product prototyping and three-dimensional solid modelling

Creating and testing product prototypes is vital for a number of reasons. Abstract ideas for new products may seem viable in theory, but without a tangible product to see, touch, test and scrutinise, it’s near impossible to anticipate any issues with functionality or marketability.

By developing state-of-the-art product models and prototypes at your manufacturing facility, you can gain invaluable feedback on product quality and functionality. Without this, you run the risk of identifying issues at a far more costly stage further down the line. Research and development makes prototyping possible - and where there’s a need, there could well be a claim.

These are just a handful of the many ways you may already be developing and refining products within your manufacturing business. If these projects sound familiar, this is where Lumo comes in.

We’ve helped brands just like yours claim tax credits on their manufacturing R&D work - giving them the financial injection they need to continue reinventing the wheel.

Get in touch with the Lumo team today to find out whether you can stake your claim.