Research & Development Claim Settled!
Our Taxperts recently completed a Research & Development (R&D) claim for a textile manufacturing client based in the East of Scotland, resulting in a client saving of £122,884!
Our client is a Scottish based textiles company which manufactures products for a highly competitive global marketplace. It uses innovative processes and solutions to allow it to meet its customers high expectations.
In the year under review, the company undertook a series of R&D assignments ranging from the creation of new woven products for the airline industry and sporting goods to military uniforms and camouflage gear.
When the company develops a product, it must first assess the market needs and the competitive environment and once it is satisfied that a commercial product is possible to create, the R&D process starts to consider the initial specification. A mix of material and production processes are then used to create a robust, fully tested and cost effective solution for the relevant sectors. In addition, the company has been reviewing and updating its loom processes to ensure higher quality products can be manufactured at consistently competitive prices.
R&D tax credits provide a valuable cash flow injection for eligible companies. They then have the enviable problem of how to reinvest it for the benefit of the company.
We have completed over 300 claims and saved over £16 million for our clients, through a proactive approach in identifying and completing relevant claims. We can assess your eligibility then prepare a claim for you, if relevant. Your involvement need not take more than three or four hours and the benefits can be huge.