Adrian Banks is a happy man. The managing director of West Bromwich-based brass die caster Cubra Castings has received a £17,000 tax refund. The windfall was due to the firm’s investment in R&D, which helped it to make energy savings and complete an innovative project.
Banks didn’t realise he was entitled to the rebate until he spoke to Mark Evans and Brendan Molloy. The duo established R&D Tax and Grants in April last year to help SMEs access government grants and tax refunds on the cost of research and development used to produce new products or processes.
It has certainly been a good start for the Wolverhampton-based firm as Cubra is one of around 20 companies R&D Tax and Grants has helped in the past nine months, claiming a total of £850,000 back in the process.
But Evans believes this figure could double by the end of March as he currently has a client, a high-tech company with highly paid staff, that he and Molloy believe could be in line for a tax refund of around £1 million.
“We reckon that we will double what we have done,” Evans said. “It is probably going to be £1.7 million by the end of our first year. Not bad is it?”
Directors Mark Evans and Brendan Molloy are accountants with 50 years combined experience of advising SMEs. Evans runs accountancy practice Tildesley & Tonks while Molloy has worked as an accountant to the manufacturing industry for three decades specialising in R&D tax reclaims and grant applications.
The consultancy was set-up to help SMEs to access these grants and tax refunds. Tax relief on R&D is a government-based initiative instigated by the European Union to encourage SMEs to develop new products and processes.
Companies making bespoke products, changing the way those products are made or exploring niche markets, developing software or making environmental improvements could mean they can claim a refund on the cost of their R&D spend.
R&D Tax and Grants helps prove the difference between production and research and could help companies reclaim tens of thousands of pounds in tax relief. It has a no win, no fee policy, and only receives a fee as a percentage of the funds reclaimed, a clear benefit to companies in the current climate.
The companies it can help include manufacturing, engineering, electronics, communications, pharmaceutical and transport.
The work that R&D Tax and Grants has been doing with local companies has not gone unnoticed. After only nine months in business the firm has been so successful that it has been nominated for a gong at the Midlands’ Business Awards.
R&D Tax and Grants is set to battle it out for the Service Provider of the Year Award in a ceremony to be held at the NEC at the end of January.
“It will be fantastic if we win, given that it is our first year,” Evans said.
created: 19/01/2010 14:39:36 by
Business Report