Going beyond the books, for he or she that cooks: here’s an example of how we may assist a limited company, such as a small bakery, in claiming from the billions of pounds set aside by HMRC each year to reward inventions and developments. Only 1% of all applications come from the hospitality business. Don’t put it off any longer; get in touch with us to discuss.
R&D Project: creation of new recipes for the company’s home-made vegan product line. The number of years in scope for the bakery’s engagement in R&D for this claim was 2 years.
Value of Claim after our fees: £8750
R&D tax credit relief was designed by HMRC to encourage and reward limited companies for their industry advancement and development.
If you are a baker in Scotland who has invested time and money in product research and innovation, you may be entitled to claim for R&D tax credits.
We can help.
(1) We have experience dealing with HMRC, we speak their language in our reports.
(2) We have experience in hospitality operations, we can explain the HMRC regulations to you, making the process very straightforward and simple.
Examples of qualifying activities:
- Creating new textures, flavours, colours and mould growth
- Making items that are more visually appealing
- Developing items that are higher in nutritional value
- Improving processes for removing trans-fats.
- Improving commercial oven technology.
- Creating novel package designs to increase the functionality or shelf life of a product
- Increasing the volume of output through scaling up
- Creating a food that tastes the same but contains less sugar or salt.
- Creating a new high-protein, gluten-free or vegan product line and developing new menu
- Creating and developing technology or equipment that reduces waste, pollution or improves efficiency
What can be claimed?
- Direct staff costs
Our step-by-step R&D process:
- 10 to 15mins R&D discovery call – to discuss your business operations and see if you would qualify for R&D tax credits.
- Accounts review meeting – your Finance Business Partner will arrange a meeting with you to look into your accounts and determine what exactly can be claimed.
- Generating a claim report – we will create a complete report, detailing your project objectives and justification for your R&D claim, to present to HMRC.
- HMRC claim submission – once you are satisfied with your technical report, we will submit it to HMRC.
- Receiving your claim payout – it will normally take up to 8 weeks for you to receive your claim amount provided the claim is successfully processed.
Please note, HASL has a no win no fee approach to R&D Claims and our fee is competitive at 15% of the realised relief compared to the industry average of 30%. Feel free to contact us any time to get more information about your R&D eligibility. With our expertise in taxation, we will also advise you how you can put the funds from your claim back into your business.