Click on each of the 5 tabs below to see some case studies about real businesses that we have helped:
During 2004, R&T Consultants were invited to work for an engineering company with an annual turnover of £3 million. The company had been informed by their auditors that they had no entitlement to a Research & Development Tax Credit claim. However, an R&D Tax Credits consultation carried out by R&T Consultants concluded that the company was conducting Research & Development under various guidelines and was indeed eligible for a Research & Development Tax Credit claim.
R&T Consultants, together with assistance from the company’s staff, prepared the required claims.
The result? A Corporation Tax refund of approximately £35,000 and the creation of surrenderable tax losses, which provided further cash tax credits for the company of approximately £15,000, received from the Inland Revenue within 7 weeks.
R & T Consultants have provided their services to various accountancy practices, as there is no conflict of interest. (R & T Consultants purely provide R & D Tax Credit Services.)
On this occasion R&T Consultants were asked to meet with a small automotive engineering company, who had their major contract cancelled as the main manufacturer had decided to cease operations. The company had never claimed R&D Tax Credits and were unaware of the scheme until their auditors discussed the potential. R&T Consultants met with the company, ascertained the potential of the claim and submitted claims for the two years applicable.
Liaising with HMRC, the due amounts were offset to the company’s PAYE/NIC indebtedness which enabled the company to obtain the required ‘breathing space’ to obtain new orders and ensure the continuity of the company and the continued employment of the workforce.
A Midlands based manufacturing company, working in a specialised field of component products, requested a meeting with R&T Consultants to discuss the potential of R&D claims for their company. Our practice concluded that the company were conducting R&D under the relevant guidelines, although the company’s auditors had commented that the company were not conducting R&D, the practice constructed and submitted Research & Development claims on behalf of the company.
The company utilised the ‘tax free’ ‘Research and Development Cash’ to enhance their technical and scientific department which has enabled them to ‘win’ a £1.6m contract that probably would have been placed overseas.
The Research and Development Tax Credit System was established under the Finance Act 2000, the first claims under the legislation could be made in 2001. R&T Consultants compiled and submitted their first claim in 2001 on behalf of a computer games company. The company were one of the first to grasp the potential of building ‘children’s games’ on the computer, both for entertainment but also for education, as the company was basically ‘a new start up’, the Research and Development tax free income in the first few years of the company’s life was essential to progress the development of the projects.
Some ten years hence the company have evolved into a major player in the ‘Kiddies Computer Games’ manufacturing sector and R&T Consultants are delighted to have provided their Research & Development Tax Credit Service on a year by year basis from inception to current day.
R&T Consultants, in conjunction with HMRC R&D Unit, Leicester provided a seminar for local companies in the Coventry area in May 2010. During the course of the seminar R&T Consultants were approached by a local Technical/Scientific product manufacturing company. The synopsis being that the company auditors had prepared and submitted two claims for Research & Development Tax Credits, both claims had been rejected by HMRC R&D Unit.
R&T Consultants agreed to liaise with HMRC to obtain agreement to examine, revise and resubmit the relevant claims. The practice worked with the company to produce revised claims which were accepted and agreed by HMRC.
The actual benefit to the company was increased by some 30% from the submissions by the company’s auditors. The company have constantly re-invested their tax free R&D income in furtherance of Research & Development in their specialised field, which has led to increase of staff and profitability.
R&T Consultants continue to provide Research and Development Tax Credit services to the company.