Category: Expert Opinion

Spotlight on R&D Tax Relief in manufacturing

Since James Geary joined Randall & Payne in August 2014, our clients have saved over £7 million in tax from R&D Tax Relief. James explains his work with a client in the Manufacturing Sector.

In the 21st century virtually every manufacturing business is having to innovate simply to stay in business. Key to their success are new and innovative solutions which represent good value for money, therefore key to most R&D claims in this sector are both new technologies and innovation to make existing products more affordable without compromising on performance.We were referred to a Gloucester-based engineering and manufacturing company. They develop a large number of their own branded products but also undertake bespoke product design and manufacture to specific briefs from their customers. Both elements of their development work qualify for R&D Tax Relief.<pclass=”unique”>We were able to sit down with the directors overseeing the development operations and capture the technical information around key projects for the first two years under review, working with them to be able to explain in a detailed report to HMRC exactly how the innovations met the criteria for solving technical challenges and breaking new ground.We also explored the roles of staff at all levels to ensure that all those with a degree of input into the product development process were represented in the costs claimed.The first two years recovered in excess of £250,000 for the company and the groundwork is now laid for annual R&D claims going forward.“James Geary and his team immersed themselves in the detail of how the business operates which made the tax credit claim process much more straightforward than we had anticipated. The support offered by Randall & Payne throughout the project was second to none.”
James is Head of Corporate Tax at Randall & Payne, and has a particular focus on R&D Tax Relief, Patent Box and Capital Allowances.Key to the way James operates is a collaborative and adaptable approach to projects, both when working with clients but also when working with other firms to help their clients with R&D claims. This approach has won a lot of support locally, and the firm now benefits from a considerable number of referrals from other accounting firms that do not themselves have R&D Tax Relief as a specialism.Click here to see our R&D Tax Relief page.Contact James for more information by email or call 01242 776000.