Chartered Accountants
R&D – Engineering and Manufacturing
Sector – Engineering and Manufacturing
Company Size – £400-500k Turnover
Qualifying Costs – £126,448
Our client is a local company with expertise in a wide range of engineering and processing technologies. EQ only act as R&D Tax advisors to this client, liaising with their existing agent in order to get the R&D claim submitted to HM Revenue & Customs.
What type of work does the company do?
This client designs and manufactures custom moulding tools for its customers. In the UK, this skill is on the decline with the continued rise of Chinese toolmakers and exports. It is often the case that current offerings are not suitable for a number of reasons, so the company is then required to develop a tool to fit the client’s particular needs, which frequently push the boundaries of what is possible.
What R&D work was completed?
The company takes a customer’s conceptual idea and transforms it into a mould tool capable of mass producing the component. Despite the technical expertise and skill of the company employees, this involves a lot of research, testing and multiple development trials before the company can deliver to the customer.
What was the outcome?
As a result of the R&D claim, our client received tax savings of £32,000.
