What started as a routine request for accountancy and tax services became a winning partnership, as we helped Regency Hampers to make a substantial R&D tax credit claim of over £50,000.
Following a recommendation and a rigorous tender process, we were appointed to start working with Regency Hampers, one of the UK’s leading providers of food and wine gifts, managed by brothers Neil and Daniel Perkin. Much like they prepare bespoke hampers for corporate clients, we were able to devise a unique solution for them, encompassing our accounting, tax, management reporting and business advisory services.
Initially, we were tasked to complete a set of financial statements and relevant tax returns for the most recent financial year end, but we had also uncovered a potential research and development tax credit claim. Following that discovery, we were able to claim £54,000 in R&D tax relief – vital for helping Regency to grow as a business.
We were also keen to help meet the challenge of improving processes, remuneration planning and assisting with a potential relocation to new premises. To do this, we produced the required accounts and tax returns and had several meetings to really understand the business. Using our contacts, we were also able to identify a number of potential property sites and lenders for the relocation of the warehouse.
To help drive the business forward, we have also developed bespoke management information, helping to monitor key information with a view to improving profitability further. Throughout the process, we have suggested ways to make the accounting processes more efficient to help save resources, letting the team focus on expansion and developing new product lines.
We are also working with Regency to provide scenario planning around those potential new product ranges and future growth plans, while mitigating tax where possible. We’re excited to work with such a unique local company, and we look forward to supporting Neil and his team as they prepare for future growth and other opportunities.