Weekly R&D tax credits success stories 12/08/20
We are over halfway through 2020 (although it may seem difficult to believe) as the 12-week lockdown created a strange limbo- like state for many of us and represents a time which feels somewhat surreal. In July, the nation was relieved to hear that lockdown restrictions were easing and that we could resume a somewhat normal life, however local lockdowns were soon enforced as the virus spiked in certain areas and uncertainty grew after fears of a second wave of the virus began circulating.
Due to the corona virus, 2020 has been an unprecedented year for businesses and it was an economic shock that no one saw coming. As a result, the UK economy is on course for a recession with GDP contracting by a record 20.3% in just one month prompting concerns to rise over the national debt and unemployment rate. What’s more, the contraction of the furlough scheme which is set to be reduced in August and stopped by the end of October is causing greater uncertainty and instability as businesses struggle to recover from the 12- week shutdown. Many say the retraction of the scheme is premature as firms are still suffering from cashflow problems and removing the scheme may dramatically raise the risk of job losses across the UK.
With the finite future of the furlough scheme causing many UK businesses to seek alternatives to improve their cash-flow problems, it is the perfect opportunity for companies to consider R&D Tax Credits as a financial solution. R&D Tax Credits are a government funded scheme which offers UK businesses tax relief in the form of cash injections for money previously spent on R&D. In other words, if your business has invested in R&D you could be entitled to substantial cash awards. In recent months, many businesses with successful claims have viewed the money as a lifeline to keep them afloat during the aftermath of lockdown, yet most SME’s that are eligible for the scheme are not claiming.
Randd uk are R&D Tax Credit specialists meaning our team of experts can maximise our client’s claim sums in as little as four weeks with minimal effort required from clients. We will travel anywhere in the UK to visit our clients to better understand what they do, and we do not charge any consultation fees. Contact randd today for your free eligibility check to sustainably fund your future. Below are just some of our recent client success stories.
3rd successful claim of £52K for bakery business brings their claim total to £82K
This Oxfordshire based business gained repute by producing a wide range of bakery products and due to its success a second purpose-built bakery was built in Manchester. The firm specialises in supplying own label bakery products to leading supermarkets and wholesalers as well as supplying bread to the sandwich manufacturing industry. The business constantly uses innovation to develop new products and processes, working closely with clients to develop new products to enhance their range and offer customers something new. They use R&D both in the test kitchen and on the production floor to experiment with new recipes and use R&D techniques such as testing and trialling.
Nottingham based business is awarded a further £27K in R&D Tax Credits making their total claim to date £97K
This Nottingham based business develops high performance sportswear and is motivated by innovation. They source and implement the most advanced technology into fabrics and have become pioneers in high performance wear which are tested by leading experts and athletes. The company work closely with progressive sports technologies and leading sports universities to develop and test fabrics and garments for optimum performance and recovery. They have undertaken R&D projects to win and satisfy customer needs and wants through technological breakthroughs.
A first claim for this SME worth £33K
This company are a small and well-established visualisation studio based in London. The firm’s mission is to turn client’s architectural vision into a visual reality from planning through to marketing. They create photo- realistic architectural concepts including interior and environment and use a combination of CG video drone footage and standard filming to create the full experience. They offer bespoke visuals using a tailored solution for each client, and their R&D projects include finding innovative solutions and problem solving and pushing through technological barriers.
A first claim worth £14.7K for electronics business
Since its conception this business has been at the forefront of electronics interconnection technology. The business has a reputation for providing solutions in key sectors such as lighting, haptic technology, industrial electronics, security, automotive, aerospace and military equipment and many more. The medical industry is a particularly important area of research for the firm who enhance medical devices. From the concept to finished product, they deliver innovative electronic solutions, focussing on supplying cable assemblies to customers. The business has experience in developing solutions for highly regulated companies and cables are developed and manufactured in house to meet specific customer needs. They constantly seek to improve their manufacturing process and the auditing of their product quality. The business has undertaken many R&D projects that have required bespoke solutions through intense trialling and problem soling and satisfying customer wants and needs through technological breakthroughs.
Lincolnshire based firm receives a first claim worth £210.8K
This company are the fastest growing and one of the largest developers, suppliers and retailers of triathlon and cycling equipment in the UK. They specialise in the development of custom sporting equipment and accessories with a focus on sustainability with a lower environmental footprint. They have grown at a fast rate by adapting to the fast- changing retail industry and have invested heavily in the development of custom IT systems that support the unique requirements of the triathlon and racing bicycle industries. They have also developed custom applications to improve the performance of their staff, product specification and bespoke product design and inventory platform.
Barnsley based business is awarded £9.3K from the tax man making their claim total £54.7K
This Barnsley based business has been in the motorsports industry for over 35 years. The company supplies and services rare race winning suspension to all levels of motorsport and its suspension has won races and championships in both the automotive and motorcycle world. They have a state-of-the-art facility to build, modify or service vehicles and has an expert team of technicians who are at the cutting edge of their field to carry out the service. The company is always innovating in order to stay at the forefront of the industry and carries out R&D daily. R&D projects required individual attention to achieve solutions that have included trials, prototypes, and problem solving.
Catering supply company are awarded £44K making their total claim £321.7K
This company initially started as a small frozen seafood delivery company and has since expanded into a leading independent wholesalers and distributors of fresh and frozen food products with over 30 years of experience in the catering supply industry. With over 30 years of experience, they have adapted to their customers changing tastes over the years which has enabled them to stay at the forefront of innovation as they turn customer visions into tangible products. The business has used R&D extensively to develop solutions using creative thinking from food- handling to systems and processes. What’s more their excellent customer service and flexible approach means they meet customer demands and R&D techniques such as intense trialling and problem solving have been used to grow the business.
A recent claim of £4.3K brings this Leicestershire firm’s claim total to £22K
This Leicestershire based business specialises in industrial laminated products, working mainly in plastics and polymers which is a very niche offering in the wider market. They develop and manufacture thermal insulation foam to shield high-end automotive transmission tunnels and have developed other laminate materials for a diverse range of purposes. The nature of their work means the company often create bespoke materials which involves a very complex process requiring a team of multiple specialists from many areas of expertise. Innovation is at the heart of the business and they have advanced their own technology and provided advanced engineering solutions and used R&D used to overcome technical problems.
Derbyshire based business achieved a claim worth £18.3K
This Derbyshire based business service customers with sites spread throughout the UK and are providers of complete EPOS (electronic point of sales) and stock management systems for retail, wholesale, e-commerce and telephone order. The development team’s focus is innovation and they offer continuous improvement programmes to ensure they offer competitive solutions to support their customers. They have undertaken many R&D projects to improve internal processes and solutions to help customers achieve their goals, improve efficiencies, reduce costs and improve services. The R&D techniques used include trials, prototypes, and problem solving.
Mansfield based packaging company is awarded a cash award worth £16K
This company are a bespoke packaging company based in Nottinghamshire who manufacture bespoke cases predominantly for the export market to transport engineering and aerospace parts. They focus on the manufacture of cases, crates, and pallets in timber, plywood, and oriented strand board. The companies staff have a wealth of experience in industrial packaging and can create products to exact customer specifications. They are constant innovators and always strive to improve their production facilities as well as investing in staff and expertise. Prototypes are used made to overcome technical uncertainties which advance the boundaries of what is possible by developing technologically challenging solutions to product development and process methodology.
A recent claim of £71.7K makes this Northampton based company’s total claim £254K
Headquartered in Northampton, this business is a British manufacturing success story providing innovative and exciting products for the corporate gift market. Today the firm manufactures short-run, bespoke corporate gifts such as notebooks, conference folders, wallets and much more. They provide gifts for some of the most recognisable companies in the world including L’oreal and BP in a wide range of different sectors. The business’ growth and innovation has been largely due to the company’s re-shoring project which is a programme of returning manufacturing to the UK which has seen the firm develop much of its software and ability to capture real- time data. Its innovation means it has become the go-to manufacturer for niche, customised and bespoke products and has won many awards for its innovation and quality. The firm has invested heavily in software to ensure each machine is at optimal performance and R&D has been used to develop environmentally sustainable materials research.
A recent claim of £14K reaches this happy client
This firm is a company focused on the development of machine learning and artificial intelligence prototypes for businesses. Their staff include experienced mathematical research postgraduates with a vast wealth of mathematical modelling and computer programming experience. They combine this experience with technology to create new automated methods for companies to predict future outcomes in their business which is used in industries such as banking and pharmaceuticals. Innovation includes bespoke mathematical algorithms and developing specialist technology.
Nottingham based business welcomes a claim of £49.5K bringing their total claim to £248.6K
This business develops, manufactures and installs bespoke retail interiors specialising in highly demanding and technically challenging luxury brands. They have extensive manufacturing facilities and can turn visions into realities producing prototypes and mock-ups. A lot of the work is done in house and subcontractors are used for specific projects. Their skilled workforce and use of high-quality materials means they push the boundaries of finishes and functionality, and undertake a number of difficult projects which involve new equipment and production processes that require bespoke solutions. This innovation is what attracts their elite customer base which is achieved through R&D methods such as intense trialling, problem- solving and collaborative partnerships.
A latest successful claim for this London based business makes their total claim to date £27,702.15
This business was formed to develop a global security, compliance, payments and deposit system to meet increasing demand of the on-line financial sector. The company’s aim is to solve a myriad of new challenges such as fraud by developing user identification in the most secure and reliable manner, utilising blockchain technology and cryptography and by working closely with authorities to ensure their services are compliant. They have used extensive R&D to create the technology and have developed innovative ideas such as reconciliation screens to help minimise human error. The R&D techniques used were unique and targeted solutions through intense trialling and problem solving.
A latest successful claim of £48.3K brings this business’ total claim size to £269K
Based in West Midlands this business provides high quality engineering solutions to the metal finishing and process automation industries. The company specialises in the design, development, manufacture and installation of highly specialised bespoke paint finishing systems and their expertise and flexibility ensures they always respond to needs of customers. Their R&D projects include testing new materials and processes for specific customer requirements and creating technological solutions.
First claim worth £262.6K for packaging company
This company are specialists in developing and manufacturing packaging solutions from recycled and recyclable material. The company develops bespoke packaging solutions from individual customer requirements and specialise in ensuring products are not broken during transport. The firm are big innovators and have researched new materials and movements to become more environmentally friendly, for example by reducing their use of single use plastic. R&D such as these have enabled the firm 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.