Following BHP’s March year end, the results are in for our Research & Development department, and it has been a record-breaking year in terms of claims undertaken and the savings achieved for our clients.
In total, more than 120 R&D claims have been undertaken by the team, which I head up alongside Tax Partner Dean Pearson. These 120+ claims have resulted in over £8million in tax savings being achieved for BHP’s clients.
Dean Pearson has recently been appointed the Chair of Kreston Global’s Research and Development Tax Incentives Group. Kreston Global is an international advisory and accountancy network and Dean, with my assistance, will help gather and share knowledge and best practice from R&D specialists in Kreston member firms all around the UK.
I have also taken on a role with the ATT and CIOT’s Corporation Tax technical committee and will be involved with R&D matters, providing my expertise and responding to Government consultations on the R&D tax credit schemes.
Within the £8million of tax savings achieved, several claims have resulted in six figure tax savings with two claims being in the region of £800k.
Claims have been undertaken in a wide range of industries from heavy engineering, IT and food production, to marketing agencies and printing companies to name just a few. Some of the more ‘obscure’ industries include pet food development, body armour and bike design!
The broad range of industries once again goes to show that you don’t need to be in lab coats working with chemicals in order to undertake a successful R&D claim. If you’re looking at developing or enhancing any products or services, please get in touch on 0333 123 7171 to discuss any potential claims.
