An electric battery company specialising in the development of advanced lithium-ion batteries was looking to optimise its R&D tax relief claim. The company had invested heavily in research and development activities but had yet to fully explore the potential benefits of R&D tax relief.
Our R&D tax relief consultancy team was engaged in assessing the company’s R&D activities and determining whether they were eligible for R&D tax relief. Our specialists worked closely with the company’s technical and financial teams to identify eligible projects and activities and develop a comprehensive R&D tax relief claim.
Using our expert knowledge, we identified several qualifying R&D projects, including the development of a new cathode material that improved the performance of lithium-ion batteries and the development of a new manufacturing process that reduced production costs while improving product quality. Furthermore, we also identified additional R&D activities that had previously been overlooked by the company’s internal teams, such as testing and analysis of battery performance in extreme temperature conditions.
How We Helped
With our team, we were prepared to submit the R&D tax relief claim to HMRC on behalf of the company, ensuring that all relevant documentation and supporting evidence were provided. We also provided ongoing support during the audit process, helping to ensure a smooth and successful outcome.
As a result of our work, the electric battery company was thrilled to be able to secure a significant tax relief of £1.2 million. This tax relief allowed the company to reinvest in its R&D activities, further accelerating the development of advanced lithium-ion batteries and enabling the company to remain at the forefront of innovation in the industry.