James Geary of Randall and Payne on the benefits of R&D tax credits
By James Geary
Where there is change there is a claim...
Research and Development tax relief was first introduced in 2000 but some businesses are only now realising that they are able to harness the benefits.
James Geary joined Randall and Payne in August 2014 and is the firm's lead in corporate tax and a specialist in R&D tax credits.
In the past five years he has saved clients in excess of £15million in R&D tax relief, always ensuring a high standard of corporation tax compliance is maintained for all the firm's clients.
Many businesses are only now realising R&D tax relief is something they are able to harness, often for developing products and services they thought were just part of what they do.
Here are some recent examples of claims we have completed.
Food and drink
• A specialist beer brewer devising new brews and blends which have impacts on the beer's shelf life, health considerations, allergies and intolerances.
• Design of new snack product ranges - a high street coffee shop chain that needs to devise regular new taste ideas and follow the latest trends, whilst overcoming issues of shelf life, allergies and intolerances and healthy eating considerations while still tasting good.
• Design of small packets of, especially, alcoholic ingredients for cooking, to avoid wastage.
Construction and utilities
• A new method of laying mains services under roads.
• Modification of boilers by service engineers in the field to enable them to accept parts from another manufacturer.
IT and software
• Use of advanced radar and infra-red technology for laser tag games along with the associated software programming.
• Adapting digital marketing methods for new software releases from the likes of Google, or reacting to changes in its ranking rules.
• Design and integration of advanced ordering and accounting systems for a company selling hundreds or thousands of product combinations in gift hampers.
• Small batch manufacturing. Eg, creating replacement parts for vintage steam locomotives.
• Modifying and improving farm trailer design.
These examples barely scratch the surface in terms of how wide this relief can be.
As always, the advice is to speak to a specialist to see if your business might qualify. With a strict two-year time limit for making claims, you really might be leaving cash on the table
Contact James Geary for a free no-obligation meeting on 01242 776000 or by e-mailing email@example.com
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