Type of Business : Fabrication Company
This fabrication company had been creating bespoke steel products for a number of years. On further investigation we discovered that many of these bespoke products used features or processes which were costly in terms of time. These additional cost were not charged to the end customers but were absorbed by the company as they could use their findings to create future products. This qualified as Research and Development for tax purposes.
What we did
We worked with the director to look at all projects over the previous 2 years and the staff time and therefore cost incurred relating to R & D. This process took about 6-8 weeks and then we were in a position to present the findings to HMRC.
What was the outcome?
Client received a tax credit of just over £60,000.
What did the client say?
“ I had no idea at all that I could claim this money, and I must admit I was a bit suspicious that HMRC would just give money like that “