Distillers and Brewers Could be Eligible for R&D Reclaim
by Jane Hunt, on Jul 1, 2021 10:30:29 PM
A northern-based, female R&D tax reclaim specialist, shaking up the image associated with her profession, is urging the county’s gin distilleries and craft brewers to assess whether they could be rewarded by an HMRC refund.
Darina Ward, managing director of Growthviser. is trying to rectify a situation which sees thousands of pounds remain unclaimed each year, because innovative Limited Companies did not know they could claim back up to 33 pence in the Pound, because of their “innovation”, defined in the broadest sense. In reality, innovation can mean doing things differently, changing processes, launching new products or packaging, or many other elements that come when running a business and aiming for market share or better efficiency.
Growthviser believes there must be eligible claims being unprocessed at present within Northumberland’s dynamic gin and craft beer sectors, with various distillers and over 20 craft-beer breweries scattered across Northumberland.
The business has brought on board an innovative specialist, Joe Towers, who has himself been behind an innovative product, in his case, Brades Farm Barista Milk.
Another member of the team is Sylvia Barton, a professional with 29 years’ experience in the food industry, whose qualifications include an HNC in Applied Sciences and intermediate HACCP. Sylvia is well versed in new product development, testing and legislation compliance having worked for businesses like H J Heinz, where she developed many innovative manufacturing solutions.
The R&D tax reclaim specialist is determined to raise awareness of a tax benefit that can come in the form of a lump sum cash repayment or a reduction on Corporation Tax. It also stresses that claims can be backdated for two accounting periods.
The distillery sector has seen more innovation during the pandemic, with various gin distillers turning their hand to producing hand sanitiser. This could also be the basis of an eligible claim.
Darina Ward says: “We can potentially deliver some very good news to innovators in both the gin and craft beer worlds, where innovation is driving many differently flavoured spirits and ales on a continual basis. New ways of bottling, packaging or distributing products could also form the basis of a claim. Until a Limited Company gets in touch with us to discuss their business, they are unlikely to understand the full scope of what a claim could be. All they need do is pick up the phone to start the process.”
R&D tax reclaims are not restricted to just distillers and brewers. They cover every sector and type of business imaginable. Only a fraction of eligible businesses are making claims each year.
To find out whether your activities could be considered innovations in the wide definition adopted by HMRC, contact Darina Ward on 0844 549 9400 or visit www.growthviser.com for more information.