Weekly R&D tax credit success stories – 07/05/2020

Success stories during #lockdown

As we approach the 2-month mark of lockdown, it goes without saying that we are all feeling fed up. For individuals and businesses alike, the global pandemic has presented a lot of challenges both personally and financially. All of us are spending a lot more time at home which offers its own difficulties. Despite some of the gloomier facts, there are positives to be taken from the last couple of months. The strength of the human spirit has shone and people from all walks of life have united in the face of adversity. More importantly, our NHS has received some recognition for the fantastic way it serves us and the bravery of its staff.

Another positive to be taken from the lockdown is the extra time a lot of us now have. A lot of us are using our new freedom to work on ourselves and more importantly, work on our businesses. Despite common misconception, you can use this period to develop and grow your business. This can be done using the R&D tax credit scheme- a government funded tax relief strategy to encourage businesses to sustainably fund innovation projects.

Many UK businesses are facing cash-flow problems as Coronavirus has forced companies to temporarily close and production schedules have been halted. If your firm has experienced these issues, now is the perfect time to claim R&D tax credits. Successfully claiming R&D tax credits means your business can receive a cash injection in as little as 4 weeks and the money can help repair some of the damage the lockdown has caused. Typical qualifying R&D projects include salaries, utilities, software, wastage and materials.

Whilst the lockdown presents difficulties it is also a brilliant opportunity to find new ways of funding your business’ innovation. Spend your free time wisely and inquire about this quick and simple scheme. A 10-minute phone call can decide your eligibility which could open the door to thousands of pounds of claim money which you can invest back into your business.

These are just some of the claims we have recently filed on behalf of our clients:

­­South Yorkshire business brings in a successful claim of £2.1K. This company sell cosmetics and personal care products and over recent years have branched out into new sectors including the railway industry. In these areas they have produced R&D such as design work, prototyping and on-site trialling. Their products are totally bespoke and unique and cannot be found anywhere else in the market. What’s more, the firm’s technical breakthroughs have satisfied customer needs through the innovative work they carry out.

Successful claim of £14.7K for Nottingham based business, bringing their total claim size to £68.9K. This company operate in the gas industry and produce technology and products which regulate the flow of liquids and gasses. The company specialise in designing, developing and servicing industrial dampers. The company also develop the complex, intelligent computer systems used to control them. The firm use R&D extensively when creating bespoke products and systems which require huge amounts of testing and redevelopment.

First claim of £12.5K for South Yorkshire firm. This business uses the latest technology and machinery to develop high quality and cost-effective furniture. It’s products are used in education, commercial, public and residential sectors which include student & key worker accommodation. The business often develops bespoke solutions and seeks to maximise limited space whilst offering flexibility, longevity and value for money. The firm have to constantly innovate to ensure their products are safe in many different environments.

A recent claim of £9.4K for Shropshire based business makes their total claim to date £14.4K. This company acts as a local hub for art lovers and enthusiasts. The business has employed a continuing process of R&D for over 40 years which addresses the need for a financially accessible printer which isn’t too big or heavy

This firm have secured £6.6K for their first claim. This business specialises in the development and supply of high-quality metal and plastic Jerry Cans. The company differentiate themselves from the competition by using R&D to provide custom packaging solutions for their customers.

A recent claim of £23.8K brings this Derbyshire company’s total claim amount to £36K. This business aims to originally develop brand new and innovative technologies to combat the growing use of chemicals, materials and working practices that harm the environment. The firm innovates by developing entirely new processes in an effort to create new formulas and materials that can replace existing environmentally harmful products

A successful first claim of £19.2K for this mechanics business. This company sells, maintains, and repairs motorcycles and their related parts, tools, and accessories. The company’s research looks for cost-effective solutions to increase the variety of products available to their customers. Their R&D involves developing software, prototypes and innovative solutions to problems that motorcyclists face and to streamline their internal and customer systems

A solid first claim of £52K for Sheffield based business. This company develop the latest innovations in internal glass partitioning. The company seek to develop the highest quality, easiest to install, and most cost-effective and safest forms of glass partitioning. To ensure these properties, the firm carry out substantial levels of extremely complex and expensive testing

These claims enable improved cash flow, the ability to sustainably fund R&D projects, grow the company, stay ahead of competition and much more! What would you do with a cash injection?

Contact randd uk today to fund your innovation.