Paul Beckett from Total Machining Solutions, talked to us about his experience in claiming Research & Development (R&D) Tax Credits from HMRC with our help. Here’s Paul’s story….
“I first heard about R&D tax credits in one of our planning meetings when Mark raised the subject. He explained what they were and how they worked, but I wasn’t keen to move forward. I just felt as though it would be a lot of work for a ‘maybe’ and I was already very busy. The following year Mark tried again and got pretty much the same response.”
“But if I’d known then what I know now I would have leapt at the opportunity.”
“In the end, it was a piece of direct-mail from another company trying to sell me R&D tax credits that finally made me pick up the phone to Mark.”
“Then it all happened quickly. Slava came to see me, so I could show and explain to him what we do. He asked lots of questions to fully understand our work and said to leave everything to him.”
“I received the project outlines for the three projects Slava had identified.
- Design and bespoke manufacturing of a new joint connections for the filmmaking industry.
- Design of a solution (jig) for a skateboard sublimation. Whilst this R&D project failed we were still able to claim the R&D expenditure.
- Material resistance for precise CNC milling. We’d developed a unique freezing method to harden the modelling foam so that it could be cut to the correct tolerances.”
“Two projects worked and one didn’t, but we were able to put in a claim for all three.”
“Slava worked his magic and the claim was accepted by HMRC. A few weeks later we received just under £10,000 tax repayment and that was just for the year to 2016.”
“We’ve now submitted a further claim for another £10,000 repayment to cover an R&D work for the year 2017. We’ve other projects for this financial year on the go that should also qualify for R&D tax relief.”
Paul summed up by saying, “The beauty of the R&D tax credits scheme when your accountant prepares it, is they already have all of the numbers. I’d be surprised if it took more than three hours of my time. But a genuine surprise to find out that I had a £10,000 refund and that we’re looking at the same for last year and the current financial year.”
“As a business we won’t hesitate to carry out R&D, when the government is prepared to reward the time effort and innovation we put in.”
If you’ve had to work to solve a problem in your company then talk to your client manager or give Friend & Grant a call on (01634) 731390 and we’ll see if we can help you too.