Case Study: Lake District Farmers
Hailed by chefs around the World, Lake District Farmers benefitted from Growthviser.
Jane Hunt reports
For top Michelin restaurants and fine dining establishments around the country, the name Lake District Farmers is synonymous with quality. The group of around 50 farmers, who join by invitation only, proudly declare they produce the world’s finest beef and lamb, reared by farmers who care about their livestock and who are committed to creating a quality product.
Delivering meat that is judged only by the best of the best, has been an evolving process, based around traditional farming methodologies but with an infusion of innovation besides. Without this, discerning diners around the UK would not be able to enjoy the finest Herdwick lamb and mutton, native breed beef and naturally raised pink veal.
The innovation woven into Lake District Farmers’ ways of handling and rearing livestock, in ways that have continually maintained the excellence of the meat produced or improved it, have taken considerable resource and dedication, both of which come at a cost. However, a third of such a cost can, in many cases, be reclaimed by the business, if it is a Limited Company.
By working with Darina Ward at Growthviser, an R&D tax reclaim submission was researched, prepared and submitted to HMRC. The result was a rebate of a significant size, which Lake District Farmers can now plough back into their business. Learning that innovative approaches to business qualify for financial rebate and reward has been a financially valuable one for the committed Cumbrian business. The fact that such an outcome is possible was also an eye-opener.
Speaking on behalf of Lake District Farmers, Managing Director, Dan Austin says: “We had no idea that we could be eligible for the R&D tax reclaim scheme or even that such a scheme existed. Meeting Growthviser was a real bonus for us, as we were unaware that innovation could be rewarded in this way, through the legitimate tax system and not a loophole.
“Darina worked diligently and professionally to prepare our claim in the language that HMRC understands, bringing her past experience to bear on it. We are sure there are many other Cumbrian businesses that could benefit from her skills in analysing a situation and preparing a claim, if clear innovations have been introduced to the market.”
Darina Ward says: “Farming is an area in which many innovations take place and I believe there are many other members of the farming community who should be looking at making an R&D claim that will bring money back into their businesses.
“We are able to not just look at the current tax year but go back two accounting periods, so even if the investment in R&D has not been recent, we may still be able to submit a claim, if the situation is a valid one.”
To talk to Growthviser about this, businesses should call 0844 549 9400.