Staffordshire-based engineering firm Boothby Engineering – with the help of tax specialists Access2Funding – has successfully claimed back just under £24,000 in research and development tax credits across two claims.
With origins dating back to 1985, the highly experienced UK-wide team provides a comprehensive service to clients across a wide range of sectors, predominantly within the aerospace industry, but also in automotive, machine shops, heavy industry, steel and general manufacturing.
R&D tax credits are an HMRC incentive to encourage UK businesses to continue to grow by innovating. The incentive being a reduction in corporation tax or a cash payment.
Many of Boothby Engineering’s projects involve ensuring their clients’ machinery is fully compliant with POWER ‘98 regulations set by the Health and Safety Executive. In some cases, this is not as straightforward as hoped and various aspects of trial and error are needed before the projects can be completed. In every qualifying project, the team overcame scientific or technological problems when creating innovative solutions for their clients, showing advancements within their industry.
Boothby Engineering director Lee Payton found the whole process of claiming R&D via Access2Funding very easy.
He said: “I had heard of R&D tax credits but I had no idea I could claim until speaking to Lee Parker at Access2Funding, who was really helpful and informed me of my eligibility. It was a great, easy-to-use service – all I had to do was supply some general information and Charlotte Johnson in the R&D team did the rest for me. Very helpful staff at every step.
“I am reinvesting the money into the business and this will be used to update our vans. Thanks again for uncovering the research and development in my business that I never knew we were doing!”
Charlotte Johnson, regional R&D manager at Access2Funding, said: “With UK engineering stemming back to the 18th century, this is an industry that has adapted over the years and become one of the most innovative. There are many different types of engineering sectors, from chemical engineering and civil engineering to architectural engineering and aerospace engineering. R&D is essential to engineering companies as it allows them to overcome challenges, develop solutions and create new innovative products.
“In engineering, R&D could be involved at any stage of a project – from initially identifying technical risks or problems to improving or changing ways of working during the development stage or testing prototypes and using trial and error to achieve a result.
“What’s more, even if a project isn’t successful, it can still be eligible for R&D tax relief. R&D tax credits for engineering firms can be a welcome cash boost to a company, just by recognising research and development that they may already be undertaking every day.”
If you’d like to find out if your business is eligible for R&D tax credits, get in touch with Access2Funding on 0333 990 0125 or email@example.com.