Weekly R&D tax credits success stories 09/10/20
During this difficult economic time, businesses from all sectors and of all sizes are struggling. As the uncertainty surrounding the coronavirus and the economy heightens, business owners are finding it increasingly hard to plan for the future. One industry that has been significantly affected by the pandemic due to government sanctioned curfews and lockdowns is the hospitality industry. When the UK wide lockdown was first enforced in March, pubs, restaurants and bars were ordered to keep their doors closed until early July. Some businesses were able to adopt innovative ways of maintaining business such as utilising food delivery services; however, this was not an option for eateries in rural areas, meaning some firms received no income for 4 months.
In August the government introduced the ‘eat out to help out’ scheme which actively encouraged the public to visit pubs and restaurants by offering a 50% reduction off the price of food and non- alcoholic drinks. Whilst the scheme offered a resurgence for participating businesses, the subsequent increases in the number of Coronavirus cases is threating many pubs and restaurants with closure once more, with some areas of Scotland already having to close their doors. Many business owners are fearful that the hospitality sector cannot survive another lockdown as the fall in business will cause fatal cash- flow haemorrhages that some firms will not recover from.
The festive period is historically the busiest time for companies in the hospitality industry, and with the pandemic set to continue through Winter, business owners are facing the prospect that their income will be dramatically lower than it was in previous years. This possibility has prompted thousands of business owners to search for short-term cash injections to help them survive through the pandemic. A solution that 75% of eligible businesses overlook is R&D Tax Credits. Many business owners do not apply for the government funded scheme because they don’t think they will qualify or that they are not doing the right type of R&D. If your business has innovated to adapt to the pandemic you could be eligible for the incentive!
Some areas of R&D in the hospitality sector include brewing, preserving, software development, and product development. If you think you are eligible, contact the office today for a 15-minute chat to determine your eligibility.
Below are some of our recent client success stories… you could be next!
£12.7K awarded to Exeter based business making their claim total £24.4K
This Exeter based business is a management consultancy business. The founders have a military and security background and started the company with the aim of uniting innovative UK companies with the UK defence and Security sectors as they find it difficult to engage with each other. The company believe that UK businesses will greatly benefit from engaging with the UK public defence and security industries and the firm want to act as the bridge that facilitates this relationship. The firm has developed a business model and software tools using R&D which helps to unite the sectors and businesses together in systematic way. R&D has also helped the business’ growth strategy and has enabled its staff and systems to deliver technologically advanced solutions. The firm has invested in machinery and software which gives them a USP and puts them in a high calibre of pushing boundaries and creating novel and unusual solutions.
Gaming accessories firm is awarded £24.1K bringing their claim sum to £99K
This company is one of the world’s leading gaming accessories brands. The company specialise in designing accessories and focus on bringing new products based around the latest technologies and innovations to the gaming market. The firm have made tech products that outsold rival brands such as Sony and the firm have used R&D to further the growth of their audio accessories. As the gaming and mobile industries continue to move towards a streaming and deliverable content-based platform, the firm have shifted the focus of their R&D to a flexible cross platform approach. The company have focused on making their products ‘lifestyle friendly’ where users can switch from platform to platform, and from home to on the go. The business has used R&D to overcome a big technological problem that faces the market where 3rd party accessories need to be compatible with the protocols and communication capabilities of big gaming console manufacturers. The company have used R&D to develop a new range of controllers that are compatible with these technologies, offering consumers more choice and price flexibility.
Surrey based firm is awarded £159.6K form HMRC making their total claim to date £1.298 million
Based in Surrey, this company was initially formed in 1957 as a chain of retail pharmacy stores then developed into a manufacturer and distributor of oxygen resuscitators. The company then moved into the production of protective clothing for the petrochemical industry. After creating its own independent testing laboratory, the business has become a world leader in supplying personal protective solutions for a wide range of industries including the fire service, military and defence, transport, and many others. The brand mixes both safety and comfort and offer some of the most technically advanced products on the market today. The company also advises committees that make legislative change for personal protective equipment as they are at the forefront of technological development and regulation knowledge. They have a dedicated R&D team who push the boundaries of what is possible and have developed cutting edge solutions to meet global safety requirements.
Lancashire based business is awarded £128.1K for R&D work making their total to date £940K
Based in Lancashire, this business has significant experience in designing, developing, manufacturing, installing and maintaining all forms of high, medium and low voltage switchgear. Their in-house R&D team work on challenging retrofit solutions for ageing, worn out, damaged or obsolete circuit breakers and switchboards. The company also has a new-build department for upgrading equipment. The business has a global client base and a technically advanced workshop that its highly skilled team of specialised engineers use which keeps them at the cutting edge of innovation. Their team of engineers, designers and draughtsmen develop and manufacture bespoke solutions for the industry, and almost every installation involves an aspect of R&D. Their R&D techniques include achieving bespoke solutions through intense trialling and problem solving.
A recent claim of £12.8K is awarded to manufacturer bringing their total claim to £183.7K
This company is a manufacturer of high-quality melamine products and dry wipe magnetic boards. The company has a purpose-built factory in Lincolnshire where they cater a wide customer base in the promotional, catering, retail and educational markets. The firm has an experienced and flexible workforce that use sustainably sourced products where possible such as recycled glass. The company’s approach to being more environmentally responsible has required an innovative approach and a high degree of trial and error. They have researched modifications to equipment and have trialled alternative materials to achieve this. Their R&D projects have been to further develop their production capabilities which have required innovative solutions, problem solving and a high degree of trialling and testing and samples.
Yorkshire based firm receives a cash award of £13.4K making their total claim to date £66.8K
This Hull based firm remains a family owned company that specialises in working with sheeted metal in thicknesses up to 5mm. Its loyal customer base chooses this business because of their aptitude to work with thin metal and their first-class service. The business predominantly supplies to companies that make doors, floors, portable buildings, and computers. The company work closely with their customers to develop bespoke solutions and it continually invests in a modern workplace so it can produce cutting- edge work.
Nottingham based business receives a cash award worth £76K making their total claim to date £223.5K
Based in Nottingham, his company has been at the forefront of the gas service industry since its incorporation almost 40 years ago. They provide a full range of products and services for the testing, refurbishment, transportation, storage and filling of gas cylinders across several industries. The company has a target to become the number one supplier of refurbished gas cylinders backed by first class service support, as a means of competing with low-cost labour market gas cylinder manufacturers. It also has an environmental policy to minimise energy and waste. Working across many industries and potentially dangerous environments, the firm continuously innovates to meet new legislation and to ensure customers are satisfied. R&D has been used to create innovative approaches such as hydraulic test equipment through intense trialling and complex problem solving.
Derby based business is awarded £31K from HMRC bringing their total sum to £232.5K
Based in Derbyshire this firm initially began developing a range of handling equipment primarily aimed at the brewing industry, which later broadened into all industries. As technologies developed, the firm found their traditional products had a shrinking market thus the business implemented a plan for sustained growth. The firm adopted innovative techniques such as prototyping, batching, lean engineering support and new methods such as hydraulics and automation to ensure they could be a one-stop service to its partners. The company has used R&D to provide innovative solutions to many of its clients and constantly looks to improve their productivity and production. R&D has helped the firm develop a new sophisticated IT infrastructure and structured methodical approach to bespoke projects through intense trialling and problem solving.
A first claim worth £483K is awarded to London based firm
Headquartered in London, this business is a leading global specialist in the design and build of custom customer multi-channel contact centres. The company develops custom solutions for every customer based on their individual requirements and integration needs. The firm provides a first-class customer service and has used R&D to ensure they bring new ideas and solutions to their customers. They put significant resources and time towards their R&D to develop new technology solutions and deliverables for the improvement of customer management processes, building custom prototype systems internally to facilitate this process.
Northamptonshire company receives a claim of £51K bringing their total to £299.6K
This Northamptonshire based firm manufactures special purpose canisters and tinplate components for the metals packaging sector in a modern factory. They respond to demands for new product developments requiring short lead times, high quality production and reliable delivery through their highly skilled and dedicated employees. They have supplied their products to customers in the military and marine services and have made numerous additions to their facilities to ensure their company’s growth, efficiency and innovation can remain high. The firm has developed machinery and processes and bespoke one off samples using R&D, using problem solving and trailing to achieve technological breakthroughs.
Call the office today on 01332 477070 for a free, no obligation eligibility consultation. Your business could be our next success story.