An HMRC incentive designed to encourage innovation, R&D tax relief is available for all types of businesses – both product and service led.
However, an astonishing 97 per cent of eligible companies don’t make a claim, which is why Haines Watts Worcester is on a mission to raise awareness of this potentially lucrative scheme.
Our expert team recently helped ISO Quality Services Ltd make a successful claim. A family run business founded in 2000, ISO Quality Services Ltd specialises in the implementation, certification and approved auditing of ISO and BSI quality management standards and offers ISO/BSI consultancy, training and internal auditing services.
Through the development of a cost-effective service package, operations director Jennifer Appleton and her team enable clients from a variety of sectors to maximise the potential of their quality management systems. Based in Worcester, the company employs 16 members of staff, 20 associates and four directors.
Having recently been appointed as ISO Quality Services Ltd’s accountants and business advisors, Haines Watts Worcester took time to understand the business and it soon became clear that the company’s commitment to innovation was at the very heart of the business.
This pledge has primarily been in the pursuit of key goals – strengthening its internal knowledge base and retaining its market position through the acquisition of new technical, design and systems expertise.
Managing partner Tim Pearce explained: “The company is in an advanced state of continuous research and development and, while the team were aware of R&D tax credits, they didn’t fully understand if the work they were doing met the criteria or how this tax relief could benefit the business.
“We stepped in and made the whole process easy, conducting interviews with key technical staff.
“Details of qualifying R&D activities were discussed and drawn up by reference to the regulatory framework while an analysis of innovative advances in process efficiencies led to the identification of core R&D activities.”
“The support our company received from Haines Watts has been immense. As this was the first time we had applied, they supported me from start to finish and their explanation of the process gave me confidence to collate the information I needed to make the process quicker and painless.
“The process has benefited ISO Quality Services Ltd as we have been able to invest the refunds back into the business to help with growth and development.”
Jennifer Appleton, operations director ISO Quality Services Ltd