Weekly R&D tax credits success stories 22/09/20

How do R&D Tax Credits work?

Despite the R&D Tax Credits scheme being in operation for over 2 decades, many business owners are either unaware of the scheme or are unsure of how it works or are sceptical of the scheme altogether. In a nutshell, R&D Tax Credits are a government funded scheme that reimburses businesses for investing in R&D. The scheme acts as a form of tax relief for UK businesses and successful claims are processed by HMRC and given to businesses in cash awards. In today’s climate, there are thousands of schemes that offer business owners great benefits however many of these schemes prove to be time- consuming and do not provide significant financial benefit.

So, what makes claiming R&D Tax Credits with randd uk different from other schemes?

  • It is a government funded scheme meaning you can trust the process and its validity.
  • A 10-minute conversation can determine your eligibility for the scheme which saves you time, unlike applying for loans and grants which can be uncertain and lengthily processes.
  • We have a 100% success rate and an average claim of £50K.
  • We have awarded our clients with over £135 million from HMRC since 2008.
  • We operate a no- win no- fee policy and flexible pricing meaning our clients always receive the maximum reward.
  • Successful claims can be awarded in as little as 4 weeks, giving businesses a much needed cash-injection in the current economic uncertainty.
  • Our team of fully chartered accountants and technical experts have backgrounds in a wide range of industries meaning we understand our client’s businesses inside out.

Eligibility

Most businesses think they are not eligible for R&D Tax Credits because they do not think their R&D projects will qualify for the scheme. This has led to 75% of eligible SMEs missing out on their opportunity of a cash award. If you are a UK limited company, you could be eligible for the scheme.

What qualifies?

R&D can be improving an existing product or service or innovating a new one. During this process, costs involved in the R&D process can be reclaimed. The main costs include:

  • Subcontractors
  • Utility costs
  • Staff costs
  • Wastage of materials… and more

What are the benefits of claiming R&D Tax Credits with randd uk?

  • The scheme provides a cash injection which can be used to sustainably fund innovation, and cash awards are proving to be lifelines for many businesses during the current recession as they improve cash flow.
  • We can backdate client’s claims up to 2 years meaning rewards are maximised.
  • R&D Tax Credit specialists like randd uk exist because we know the process inside out. We can discern qualifying projects instantly and our strong relationship with HMRC and industry knowledge means we can maximise our client’s claim size. Many business who claim through their accountant miss out on thousands of pounds!

How to claim?

Contact randd uk today. We can discern your business’ elgibility in just a 10 minute phone call.

Call the office on 01332 477070 or email us at info@randduk.com

Here are some of our latest client success stories:

A latest successful claim worth £39.6K is awarded to this engineering business making their claim total £77.9K

This design engineering company services clients across a range of industries and markets. Their team is made up of highly qualified engineers who each have extensive experience regarding every aspect of design engineering. They provide a fully comprehensive solution and carry projects through from conception to manufacturing and completion. The business has developed an enviable reputation within the food processing industry for quality workmanship and client satisfaction, and clients rely on the business to provide innovative and cost-effective solutions for their manufacturing processes. The business is often presented with new product developments and the challenges of batch production. Much of their work is bespoke and requires an in- depth knowledge of food manufacturing principles. They have used R&D to develop new and innovative machinery solutions for a diverse range of food processing applications.

A cash award worth £10K has been awarded to this innovative skincare brand

The founders of this business used their combined knowledge of the world of professional rugby and skincare to create an organic and clean skincare brand. The company uses active ingredients in their products and have chosen ingredients used in sports nutrition and applied them to skincare. The brand are environmentally conscious and their products are refillable in order to protect the environment. The company is hugely innovative and is committed to environmental sustainability and does not use ingredients that many popular skincare brands use as they harm our skin and the environment. The business have used R&D to develop their product range which its based around sports rehabilitation and using treatments in the right way.

A first successful claim of £54K is awarded to food product container company

This company is a specialist developer and manufacturer of containers for food products. The business focuses on making custom packaging solutions using recycled materials. The containers are food-safe, widely recyclable, customisable and more cost-effective than alternatives. The business collaborate with major supermarket chains and high-end delicatessen producers in the UK to develop new solutions to market packaging trends. The business collaborates with their clients to develop custom container solutions for each new product, working proactively with their product development, clients and supply chain to create innovative products. R&D is a key part of this process to ensure the quality of their products.

1st claim of £50K is awarded to bicycle business

This company is focused on the development, manufacture and sales of performance bicycles and the accessories needed to support professional and amateur riders. The range of products manufactured include performance cycles for different racing formats, performance clothing, and performance accessories. When developing their product range the business used extensive R&D focusing on sustainable and recycled materials. They sourced new materials which were tried and tested to develop performance clothing and bicycle parts, and ran a series of user trials to gather information on durability, performance and ease of use.

London based business receives claim sum of £12.1K                                                           

This fashion label is inspired by the rich history of British tailoring and is founded on transitional, timeless and effortless styling exclusively made from the best British and European fabrics. The company have used innovation to ensure the traceability of their products is a high priority to ensure the positive environmental and social aspects of their brand, making supply chain transparency a key part of the business. They constantly experiment with new materials and their collections are all produced in London with fabrics sourced across the UK. R&D has been used to research sustainable fabric blends and new ways of producing designs with the hope of one day becoming a carbon negative business. Their R&D projects have required innovation and intense problem solving to improve methods and processes and the longevity of fabrics. R&D is ongoing to reduce costs, improve quality and sustainability. Trial error is a popular technique used by the brand which helps them blend different fabrics with different finishes.

A recent claim of £31.9K brings this company’s claim total to £90K

This Basingstoke based business was initially created to meet the growing demand for readymade wildflower meadows without the establishment problems associated with traditional seeding methods. They have used innovation to fine tune seed mixes to create a unique and high- quality product. Their dedicated team has developed their turf product to sell to gardeners, landscape contractors, and local councils among others. The business has solidified itself as a significant contributor to the environment through ecological benefits, aesthetic qualities and their ability to absorb carbon. The firm has also worked hard to crate wildlife friendly environments for endangered species such as bees, working with organisations such as the Natural History Museum and The Environment Agency. These efforts have won the business numerous awards such as the Hampshire & Isle of Wight Sustainability Business Award for Environment Innovation and Technology. The business continually innovates to improve the performance of its products through determining better growing conditions and improving the conditions of wildlife such as butterflies and dragonflies. The company has carried out many R&D projects which have required inventiveness and innovation to achieve improved solutions involving intense trial and error and problem solving.

A latest claim of £26.9K is awarded to in-game advertisers making their claim total £72.3K                    

This company’s aim is to be the leading in-game advertiser network in the marketplace. They have developed unique plug-in software that connects game server owners and advertisers with players in a way that has never been done before. This software has connected marketers with a new gaming audience that could not be reached before as the software is used in conjunction with Steam and Minecraft players. The guiding principle behind the business is that it is run by a gamer, developed by a gamer, made for gamers in order to help server providers recoup their significant costs that bring gamers together. The firm have used innovation to create their unique technology which involved recruiting coders with specialist skills to perform R&D. The R&D process involved huge amounts of experimentation and trial and error.

A £23K cash awarded has been awarded to a manufacturer based in Leicester bringing their claim sum to £259K in total       

This company is a developer, manufacturer and installer of high-quality bespoke retail display and merchandising equipment. The company offers a complete service to the industry from concept to creation. The company occupy a state-of-the-art facility and take on challenging projects from many blue-chip companies. The projects they specialise in are organised around account managers and sales specialists who have strong technical and design backgrounds and can offer technical advice regarding client concepts. The company prides itself at combining different materials and state-of-the-art electronics to create aesthetically beautiful yet functional products within challenging constraints. The business has a culture of innovation where production facilities and staff expertise are always invested in. The firm have used R&D techniques such as prototypes, to improve technology and lighting systems and to develop recyclable materials.

1st claim of £46K is awarded to business based in Fife

This business was first formed a century ago and manufactured haulages and winding equipment for the coal mining industry during its infancy. During the second world war the company was heavily involved in the war effort and manufactured specialised equipment for lifting heavy artillery. In the years after the war, as much of Britain’s mining industry declined, the business began to specialise in gear manufacture. The investment in new machinery has been key to the business’ success and the specialist nature of their work means constant innovation is needed. Their factories and offices have been extended on four occasions and they have been used for bespoke gearbox refurbishment since 1995 and more recently for the manufacture of special purpose gear boxes. The business carries out work of a specialist nature meaning they must constantly innovate and develop bespoke tooling and processes to keep up with ever-changing and challenging customer expectations. They have installed state of the art tools, machinery and software to ensure they can solve technical problems and can provide a best quality service. R&D has allowed them to offer solutions through intense trialling and problem solving

Derby based business receives a latest claim of £36.5K bringing their claim total to £59.6K

Based in Derby, this business began designing and manufacturing products in glass reinforced plastic in the 1950s. Now, over half a century later, the company has developed these technologies to create high quality mouldings for a wide range of applications. The company uses their wealth of experience of working with glass reinforced plastic with the latest manufacturing processes and techniques to replace materials in exiting applications to improve costs, reduce weight and increase health and safety. The firm are market leaders in applying materials science knowledge to solve industry problems. They have used R&D extensively to develop materials that are stronger, shock absorbing, and mouldable among others, than alternatives on the market. They use trial and error and endeavour to minimise the wastage during the R&D phase for every new product.

Midlands based firm receive a claim worth £60.3K bringing their total claim sum to £237.5K                                                                               

This client is an engineering business that uses coordinate measuring machines (CMM) to measure the physical geometrical characteristics of objects. The company has thrived for almost half a century by offering a personal service based on integrity, top quality products and unrivalled customer support. The company develops and supplies innovative software, hardware and services for their customers and have an extensive user base throughout the UK. They also work collaboratively with partner companies to seek solutions to ever growing customer requirements. They have used innovation to upgrade their systems, equipment and facilities and utilised R&D to create bespoke solutions using problem solving, cutting edge development and intense trialling, achieve technological breakthroughs and satisfying customer demands.

Derbyshire based company is awarded £20K from HMRC in R&D Tax Credits making their total claim to date £245K                

This business leads and enables new product developments mainly within the transport industry sectors. Their flexible approach means they can undertake complete project packages or use their engineering teams to support clients on a needs basis. They are recognised worldwide for their expertise, sector knowledge and ability to ensure compliance. The company efficiently turn concepts into prototypes and offer clients complete support throughout projects. Their close relationship with key rail sector businesses encourages them to extend technological boundaries and develop innovative solutions which require extensive R&D. The company uses innovation to push the boundaries of technology and to undertake more difficult projects, utilising R&D to improve software, technology, products and processes using intense trialling and problem solving.

A first claim worth £12.3K is awarded to Shropshire based skincare company

This family- run business has developed speciality skincare products that treat a range of skin concerns, such as eczema, psoriasis, rosacea, as well as dry and sensitive skin. They use innovative ingredients in their products such as goat’s milk and honey to provide products for a range of customers including those who are in and out of water and who spend a lot of time outside and work with their hands. The products are made by hand from their facilities in Shropshire, and they have recently adopted a green policy for their production methods and business model as they strive to reduce their carbon footprint, and increase their use of recyclable materials to better protect the environment. The company has used R&D to create products for specific customer needs, that are sustainable and have a commercially viable shelf- life. They have used trial and error to develop new products and regularly attend trade shows to connect with their customers.

Call the office today on 01332 477070 for a free, no obligation eligibility consultation. Your business could be our next success story.

#fundyourinnovation.

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