Internet of Things
Our sector-specific Research and Development tax relief experts offer a broad range of expertise in many different fields of commerce and industry
Most of the research and development work in the cutting-edge technology of the Internet of Things (IoT) would be
eligible for R&D tax relief.
Research activity in the field of IoT (the ‘Internet of Things’) is being hailed as ushering in the fourth industrial revolution, the previous three being the invention of the steam engine, the use of science and technology for mass production, and the rise of digital technology.
There is a broad spectrum of uses for IoT technology across many industry sectors, all aimed at connecting computing devices to share data with each other, and with a central network.
These objects can be as varied as smart devices such as Amazon’s ‘Alexa’ which has become commonplace in many homes as a virtual personal assistant, or a biochip responder implanted under a farm animal’s skin to give information on livestock tracing and authenticity.
We have ‘apps’ on our smartphones which allow us to remotely view footage on our home security cameras or turn down our heating, and these are all part of the IoT. Many IoT research projects are aimed at developing new software to improve integration between smart devices.
In the UK, many small firms have started up in the last few years to work on developing new IoT applications. Major UK-based multinationals such as Vodafone and ARM are also working in this area.
R&D TAX CREDITS
Building on the ability of IoT devices to access information from anywhere at any time, innovations in IoT bring many benefits, including
Innovative research is fundamental to the IoT sector, and many companies in this field would be able to take advantage of Government support for their projects through the R&D tax credit scheme.