Research and Development Tax Relief for Farmers?
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.
Within our team, we have a unique asset in Joe Towers, the transformative owner of Brades Farm in the Lune Valley, Lancashire and someone who has taken his own innovation – Brades Farm Barista Milk - from a mood board concept, through R&D, production and packaging. It now provides top London coffee aficionados with the perfect milk to complement the flavours exuded by their favourite special-blend beans.
Joe delivers in-depth insight to claims by farms which are set up as Limited Companies and which have invested in some form of ‘innovation’, as far back as two accounting periods – the key criteria for an R&D tax reclaim. He understands farm processes inside out and helps Growthviser present evidence to HMRC in as complete and accurate as way as possible, thanks to speaking the same language as farmers. More information about Joe can be found here.
Combining Darina Ward’s accounting and R&D taxation experience with Joe’s 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 Joe, please call us on 0844 549 9400 or click below to get a copy of our Farming R&D White Paper.
R & D Tax Relief for Food & Drink Manufacturing Businesses
Food manufacturing is one of the key areas in which Growthviser specialises, due to the in-depth knowledge of its team. This knowledge spans the whole of the food journey, from R&D conceptualisation or farm and field sowing and rearing, to final arrival on the shelf of retail outlets, supermarkets and specialist delicatessens.
Innovation in the food manufacturing sector is dynamic, as the UK responds to the growth of veganism and the consumer demand for plastic-free packaging and an end to unnecessary food waste. Growthviser’s team is ideally equipped to assist any food manufacturer, if the business is set up as a Limited Company and innovating in any way. This could be through launching new products, developing cutting-edge solutions to suit the sector’s requirements, or by introducing new processes or novel methodologies.
Whether it is from food manufacturers with plant-based products designed to match vegan food preferences, or distilleries or craft brewers creating the next big thing in the spirits or ales sectors, the potential for R&D tax refunds within the food manufacturing sector is huge.
However, many claims are never created and submitted, due to a lack of knowledge about R&D tax reclaims and because many possible claimants do not have the time or financial skills to collate a claim, or know where to find a professional R&D tax reclaim expert who can assist.
Sylvia Barton is Growthviser’s highly accredited food-sector specialist, bringing three decades of experience to the team. She fully understands and has herself shaped the legislative and testing framework within which food manufacturing needs to take place and is highly experienced in all aspects of food manufacturing R&D and compliance. Her input with food manufacturers’ R&D tax reclaims is invaluable.
If you are a food manufacturer who would like to claim back up to 33 pence in the Pound on the money spent on putting your innovations into practice, please call Growthviser on 0844 549 9400 or use the form here.
Tax Relief for Innovation in Manufacturing & Engineering
Innovations in manufacturing and engineering come in many guises, from projects tackling improvements in operational efficiencies to those focused on enhanced yields.
These sectors are ones in which driving improvement is fundamental to profitability and where a culture of lean manufacturing can often prevail. They are also brimming with new product development, often driven by consumer trends and the need for manufacturers to stay abreast of consumer opinion on issues such as plastics, climate change and veganism.
Robust processes and practices are often driven by innovation and change culture and an R&D tax reclaim frequently emanates from new ways of doing things in the engineering plant or on a factory’s production line.
Growthviser’s R&D adviser for manufacturing and engineering is John Whittaker. John has earned his stripes as a factory manager and senior change manager for household names such as Kraft Heinz, H J Heinz, Boots PLC and GSK, driving improvement and establishing robust processes and practices. His role has often focused on product quality and integrity, as well as overall operational efficiencies. His expertise is such that he was chosen to lead a California-based investigation into excessive quality costs, on behalf of Kraft Heinz.
John has an eye for where and how innovation has taken place within any manufacturing or engineering factory or plant, coupled with an ability to spot processes and actions that a client themselves can overlook in an R&D tax reclaim. John has a background in Mechanical Engineering with a degree in management study, plus experience in a variety of relevant areas, such as: HACCP; legionella, allergen and microbiological risk control; project, production and mechanical engineering and dairy science and technology. His experience gives Growthviser huge advantages as an R&D tax reclaim specialist for manufacturing and engineering businesses.
Working in Partnership with Accountancy Firms
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.
Growthviser brings something new and valuable to the table and all an accountant need do is ask a few questions of their clients while preparing their accounts, to identify if any products or processes have changed, or if new ways of doing things have been introduced.
Often, evidence of innovation can be found in the types of cost incurred by a business, which may not be referenced in previous accounts. However, it pays for an accountant to look back over clients’ records, as an R&D tax claim can go back two accounting periods.
Growthviser is seeking to partner with accountants on a mutually beneficial basis and is always happy to meet up to discuss ways of working together. The benefits of having contented clients, who know you have gone the extra mile for them, should be appreciated by any practice. There is no-one happier than a client who receives a repayment of tax!
If this is of interest to you, please call Darina on 0844 549 9400.