6 minute read
R&D TAX RELIEF
Massive cash boost for local businesses
Innovation is crucial for business growth and survival, and R&D tax relief exists specifically to help UK companies to invest and grow.
James Geary Client Director
Our Promise Our team is highly knowledgeable and will work with you to determine if your business could qualify for R&D tax relief. Using our experience we will expertly advise on claiming only if we consider that it has a strong chance of success, we will also work with you to complete the application to keep the constraints on your valuable time to a minimum.
Can you qualify? Gina and I have worked with many businesses from a variety of sectors but still understand that many businesses are unaware that what may seem like routine changes, enhancements or developments to improve their products or systems could mean that they benefit from a successful claim.
These examples barely scratch the surface in terms of how wide this relief can be:
Food and drink Devising new specialised beer or new blends; modification of coffee machines, both vending and for coffee shops; design of new snack product ranges; or small packets of ingredients for cooking are just a few changes our clients made that brought a successful tax relief claim on the innovation.
Construction and Utilities From a new method of laying mains services under roads; modification of boilers by service engineers in the field; and developing a safer means of securing excavators to trailers, are just a few examples where changes to improve the way things are done brought about successful claims.
IT and Software The use of advanced radar and infra-red technology; adapting digital marketing methods for new software; design and integration of advanced ordering and accounting systems for a company selling gift hampers; or computer modelling of rail signalling systems all are successful examples where technology can bring in a cash boost through R&D tax relief.
Manufacturing From small batch manufacturing; or modifying and improving a farm trailer design can be simple examples of how changing how you do things can bring tax relief for your business. With a strict two year time limit for making claims, you really might be leaving cash on the table.
For more information about R&D Tax Relief, to meet the team, and read more of what our clients say about us visit our website www.randall-payne.co.uk or call us for a chat on 01242 776000.
We recently worked with Randall & Payne on our first R&D claim. Quite early on they realised that trying to run a business and find time to deal with the claim was very difficult for us. They helped enormously and made the entire process manageable for us and with a very successful outcome. We look forward to working with them again this year
Clare Gulley
An unexpected opportunity for a local stationer called for expert advice resulting in a successful acquisition
Officeworx Ltd directors, Rob and Paul, were intrigued when they received a company sale notification for another stationer based in Corby as it was an ideal location to enable them to expand their geographical presence. They met with Ollie, our Head of Corporate Finance, to assess the viability of the proposed transaction and to help with the construction of a letter that outlined the offer details and the reasons why they would represent an ideal fit. We recognise that the acquisition process can seem complex but we made things as clear as possible, from aiding their understanding of both the technical and legal language, to explaining the bigger concern of the operational and financial risks associated with the transaction. Cry for help from one of the country’s best-known bloggers saw us assist with increasingly complex accountancy and tax needs
When the Unmumsy Mum, Sarah Turner’s hilarious tales of parenting became a Times best-selling book, her success meant she needed to quickly get to grips with operating as a business.
After seeing her plea on Twitter, our tax team were able to share their experience in working with authors and the issues they face, including the requirements of overseas books deals and HMRC approvals.
We incorporated her business into a limited company, enabling more stable tax rates and allowing her to plan better for the future with a tax-efficient remuneration strategy. We look forward to helping her on the rest of her journey. What started as a routine request for accountancy and tax services became a substantial R&D tax credit claim of over £50,000
The discovery of a potential research and development tax credit claim, whilst on boarding Regency Hampers, resulted in a claim of £54,000 in R&D tax relief – vital for helping the business grow. To help drive the business forward, we also developed bespoke management information, helping to monitor key information with a view to improving profitability further. We are also working with Regency Hampers to provide scenario planning around potential new product ranges and future growth plans, while mitigating tax where possible. We look forward to supporting Neil and his team as they prepare for future growth and other opportunities.
A local farming family needed to be able to cope with the modern demands of their business and get a real-time picture of their accounts
We have worked with HW Smith & Son for many years so when they decided it was time to move to cloud accounting we helped them get set up and provided training so that they could make the most of the options available to them.
The new system has helped them to produce their year-end figures more quickly and plan other expenditure, keeping tax liabilities to a minimum to leave more working capital in the business.
Our accountancy team continue to work with the family, keeping them armed and ready with the financial information they need to make their business a continued success.
HW Smith & Son In order to support their continued growth, SOHO Coffee Co turned to our audit team to help them implement robust financial systems
Through our audit process, we identified several areas within the company’s financial systems that had come under significant strain as a result of its fast growth.
We completed a full investigation, providing advice on how to rectify and improve the controls moving forward. Our efficient reports allowed SOHO to act quickly to ensure robust systems were put into place.
We are in regular communication with the financial director of SOHO, keeping up to date with their strategic plans and discussing growth. With growth a priority for a Stonehouse-based technology company, they turned to our business advisory team to provide clarity
Will Abbott met with the senior leadership team at Lister Communication and with our advice they were confidently able to predict doubling their turnover within five years.
We had monthly update meetings to keep on plan and an annual off-site meeting to adjust the goals for the following 12 months.
Even in the preparation phase, growth accelerated and is now averaging over 15% per annum – which was a strong measurable first step on the way to doubling turnover. We continue to be available on demand to support individual members of the team whenever the need arises.
