An engineering company specialising in the design and manufacture of customised machinery for the automotive industry approached us to assess their eligibility for R&D tax relief. The company had invested significant resources in research and development activities to develop innovative solutions for their clients, but they were unsure if their activities qualified for tax relief.
Our initial assessment revealed that the company was undertaking several qualifying R&D activities, including developing new technologies and improving existing ones. However, the company needed to keep contemporaneous records of their R&D expenditure. We worked closely with the company to identify their qualifying R&D activities and helped them to establish robust record-keeping procedures to ensure that all relevant expenditure was identified and recorded accurately.
How We Helped
With our team of experts, we prepared a comprehensive R&D tax relief claim on behalf of the company, including detailed technical descriptions of their R&D activities and how they met the qualifying criteria for tax relief.
As a result of our work, they secured a substantial R&D tax relief claim of over £500,000, which represented a significant saving on their corporation tax liability. The company was delighted with the outcome and praised our team’s expertise and professionalism in guiding them through the process.
Totalling up to £500,000, our work with this engineering company highlights the importance of keeping accurate records of R&D expenditure and ensuring that all qualifying activities are identified and documented. By working with a specialist R&D tax relief consultancy, the company was able to maximise its tax relief claim and benefit from the significant cost savings that it provided. If your business is investing in R&D activities, contact Goldhill Consulting, and book a free R&D tax relief consultation today.