Type of Business : Food Manufacturer
When this company started to work with us they hadn’t heard of R & D Tax credits, their previous accountant probably hadn’t either.
The company was and still is very innovative in terms of developing new recipes and ideas. Each time a recipe is made there is a degree of trial and error, this involves waste ingredients and a lot of staff time. The company was always keen to develop new ideas but this cost of doing so was proving risky. However when they discovered that HMRC would give them some money for this risk taking this enabled them to try a lot of new ideas and bid for new large contracts with high profile clients.
What we did
We worked with the business owner to understand exactly what could qualify as R and D and to write a report for HMRC. We then gathered all of the necessary data from their accounting systems. This was all then sent to HMRC. The company continue to innovate and so this will now form part of the standard year-end process
What was the outcome?
Year 1: Cash paid to the company of £24,593
Year 2 : Pending claim of £28,000
What did the client say
“ I am so pleased that Solutions advised me about R & D tax credits it has meant that I can continue to innovate and grow without having to worry so much about the financial implications”