If your business’ financial year-end is March and you want to submit an R&D claim that includes the March 2019 period, you must submit your claim before the 1st April so you can backdate your claim the full 2 financial years to maximize your cash payout from HMRC.
We always recommend using a specialist like randd uk to help you with your claim as our experts will not only make the process easy and quick for you, but we can ensure you obtain the maximum cash reward. This is because our industry experts will take the time to thoroughly understand your business and R&D projects, allowing them to spot eligible activities that would have been otherwise overlooked. We will do all the work on your claim saving you time and our proven process will guarantee you receive a cash award from the government. Failing to consult a specialist before making your claim can result in your submission being rejected, underclaiming or a tax inquiry being raised which can be lengthy and expensive to resolve.
If you are planning to submit a claim for the period between 1 April 2020 and 31 March 2022, you can now carry back your losses up to 3 years. This is part of the government’s scheme to help UK businesses recover more quickly from the effects of the coronavirus. This means if you have made losses due to the coronavirus, you can carry these losses back to a period when your company may have been profitable. In turn, this will allow your business to receive more money back from the government when making your R&D claim.
Still need convincing? Just read some of our latest client success stories:
£17K awarded to Yorkshire based firm, bringing their total claim value to £74K
Based in Yorkshire, this business operates from a 40-acre site producing quality poultry including chickens and turkeys. They use natural cereal-based feed, free from additives and growth promoters to feed their poultry and have introduced fresh herbs into their feed in recent years. They are the only producer in the UK feeding poultry on this diet. By maintaining the highest possible animal welfare standards, and enhancing their diet with fresh herbs, their birds have a unique flavour. Their other innovations include working with a specialist supplier of poultry equipment to engineer a customised automatic feeding solution for their mobile chicken ‘huts.’ They have also innovated a bespoke order processing system which reduces their labour costs and improves inventory control and data management.
Northern business welcomes a cash award worth £55K from HMRC bringing their claim total to £300K
Based in the North of England, this company was founded in 1885 as a butcher and baker. Now in its fourth generation, the company is a leading craft baker, operating across multiple sites and supplying to numerous shops, cafes, retailers, and businesses. The firm has recently opened a state-of-the-art training center which has allowed it to develop new products and processes. Their major innovation in recent years has been creating and constructing a bakery college where staff are trained. New ideas are always encouraged by staff and investment in new equipment such as tooling equipment and printing machines has been undertaken. The firm’s engineering department is constantly using R&D to work on new process development.
£60K awarded to Birmingham based business, making their total claim to date £380K
Based in Birmingham, this business has been providing quality solutions including parts for manufacturing, tool development, and post-assembly work to its customers for decades. Their tooling is of the highest quality and they supply to a wide range of sectors including medical, automotive, plumbing, and many more. The team offers a flexible approach to manufacturing and offers sampling, small batch runs through to volume production and post-operative assembly. Their quality control systems are state of the art and undergo continuous improvements. The company stays up to date with developing processes and materials and their R&D projects involve technological advancements and bespoke solutions.
Electronics manufacturer is awarded £37K from HMRC making their claim total £88K
This firm are a supplier of telecoms accessories and has provided many of the UK’s top brands with equipment. As the company has grown, they have focused on new product development producing many industry firsts. Their manufacturing and engineering facilities have a global reach and they have used these resources to innovate their products. They have focused on environmentally friendly packaging methods and reducing the amount of plastic they use. The firm has used R&D to create products to exact customer specifications, working on bespoke projects without a guaranteed payoff or success.
Farming firm receive £58K in R&D tax credits this year making their total claim to date £192K
Based in East Yorkshire, this company has been packing potatoes for almost a decade. Their product has been recognised as industry-leading and their ‘field to fork’ (the company packs the potatoes it delivers) approach means customers always receive the freshest produce possible. The company has a large focus on developing handling and traceability procedures as well as quality assurance checks to ensure their product is of the highest standard. They have also invested in top-of-the-range harvester machinery to ensure the best yield as well as bespoke software to manage its production and customer information. To minimise its carbon footprint, the business has also invested in a biomass boiler to heat the workshops and buildings. Its latest innovations have looked at how the company can maintain a high yield in extreme weather conditions such as drought.
Nottinghamshire based business receive a first claim worth £78.1K
Based in Nottinghamshire, this company built its reputation as a fast, discreet, and efficient design and development creator of control systems for use in the industrial sector. They have since expanded their range of services and skills to design and manufacture electronic products for a wide range of sectors and applications. They offer a full solution for all electronic engineering needs and they have used R&D to build one-off prototypes through to high quantity production runs.
Hampshire based company are awarded £34.5K in R&D tax credits for their first claim
Based in Hampshire, this firm specialises in offering bespoke print, branding, and packaging. Their client base has an international reach mainly because they provide a complete procurement solution for printed marketing communications including elegant packaging, direct mailers, video brochures, and more. The business embraces new technologies, processes, and methodologies to create stand-out results. As they provide a bespoke service, R&D is required to ensure they remain an effective one-stop solution and is essential to meet their client’s requirements.
Could you be eligible for an R&D Tax Credits claim?
During these turbulent economic times, businesses across the country are looking for solutions to their cash flow problems. Many companies are looking for grants and loans and overlook that fact they could be eligible for R&D Tax Credits. By successfully claiming R&D Tax Credits, your company could receive a cash injection from HMRC in as little as four weeks.
Call our experts today on 01332 477 070 for a free, no obligation eligibility consultation. Your business could be our next success story!
