If you are a SME limited company and you carry out research and development, you can claim back tax and even get paid by HMRC.
In simple terms, farming businesses who innovate can claim back 130% of the costs of R&D which qualify under the scheme from their annual profits as well as 100% of the actual expenses incurred, making a total deduction of 230% of claimable R&D costs.
This could mean a significant reduction in your corporation tax bill and even cash payments from HMRC.
Claims from the Farming, Forestry and Fishing sector accounted for less than 1% of total R&D Tax Credits in recent HMRC figures and claims averaged £41,000 compared to an average of £85,000 in other sectors.
Growthviser offers specialist services to the farming sector, in which it has established strong roots as an R&D tax reclaim expert. We have handled successful claims for businesses as diverse as Lake District Farmers and the Queen’s Award-winning infant formula and cereals manufacturer, Kendal Nutricare, which sources its farm-fresh milk from local farmers in Cumbria and northern Lancashire.
Combining Darina Ward’s accounting and R&D taxation experience with our expert farming knowledge makes Growthviser ideally placed to deliver a unique level of expertise to farms wishing to reclaim tax on their research and development expenditure.
If you wish to talk to our Farming Experts, please call us on 0844 549 9400 or click below to get a copy of our Farming R&D White Paper.
UKRI and Defra have announced a new funding opportunity “Farming Innovation Pathways” to develop new and existing farm-focused innovations. It will act as a bridge between the final stages of the “Transforming Food Production Programme” and the launch of the DEFRA R&D Innovation package in 2022.
The programme will benefit UK farmers directly, with £12 million of funding available to address the challenges of productivity, sustainability and net zero emissions.
Family-run Wannops Farms Ltd, based at Heaton Hall Farm near Morecambe, has been recognised as a true dairy sector innovator for several year, even winning an award for its innovation in dairy feed management. However, the farm was unaware it could reclaim tax against research and development expenditure, until it met Growthviser’s farming sector specialist and heard how HMRC offers up to a 33 pence in the Pound refund on such costs. The forward-thinking farm has innovation at its heart, evidenced through a commitment to maximising milk yield, enhancing animal welfare, reducing anti-biotic usage and increasing sileage. These actions, its commitment to enlightened feed management and a quest for carbon-neutrality, were all validated through relevant facts, figures and evidence, in a professional presentation of R&D at Heaton Hall Farm, prepared by the Growthviser specialists, to HMRC’s exact requirements. A very successful tax reclaim resulted.
North West Dairy Farm
"We are a forward thinking Dairy Farm always looking out for both functional and financial ways of enhancing the business.
When Richard at Growthviser contacted us we were delighted to learn of the tax relief available to us in conjunction with the research and development we carry out on the farm. Richard and Darina’s knowledge of the farming processes made claiming R&D tax relief seamless, structured and straight forward. The claim began with an initial meeting to discuss and discover the R&D taking place within the business currently and back dating two financial years. This was then followed up with a completed R&D report prepared by Growthviser for us to review before submission.
Growthviser has allowed us to further invest into the business and we continue to work with them as they highlight the R&D potentials on the farm and grants available to allow us to continually improve our business.
We would thoroughly recommend the Growthviser team to any businesses looking to recoup investments in innovation."
Bowland Beef and Pork Ltd
“When Richard first approached us with regards to potential R&D tax relief for our business I was unsure and a little sceptical about the process.
During the initial meeting with Richard and Darina they highlighted to us a couple of larger projects we had undertaken which had included elements of research and development. We discussed the projects further and reports were produced by Growthviser.
To date, we have successfully completed two R&D claims which have been paid out promptly. We cannot recommend Growthviser enough and we continue to work with the Growthviser team as they help us to identify R&D within current and future projects.”
MD of Bowland Beef and Pork Ltd
We were delighted to have had the assistance of Growthviser in guiding us through the process of our first R&D tax credit claim. Although we have been innovating for many years we had previously been too daunted to claim this relief however Darina's friendly and warm approach made for a smooth and stress-free experience and a timely boost of receiving the payment from HMRC without undue delay.
The team at Growthviser are approachable and dependable and we are looking forwards to working with them on future claims.
MD of Brades Farm
Innovations in manufacturing and engineering come in many guises, from projects tackling improvements in operational efficiencies to those focused on enhanced yields.Learn More →
Accountants, wishing to provide clients with added value, without having to tackle R&D tax reclaims themselves, can partner with Growthviser, knowing the tax consultancy will take good care of the clients they refer.Learn More →