Creating a relationship with a new client and being able to encourage them to recognise their innovative working practises can not only be ground-breaking in their industry but can also be financially beneficial to them. Such examples help to explain why the R&D tax relief scheme is so valuable.
The Background
Wilson Partners was recommended by an existing client, with whom we have worked on their R&D tax reliefs over the last few years. The new client company is still in its infancy however the Directors have a wealth of experience and their reputations have enabled them to hit the ground running. Their innovative way of working on bespoke projects has led to new processes and design standards within the industry, which will be used by other professionals going forward. The advances made by the company were both via the software used in the architectural designs, as well as bespoke development and engineering in various areas, such as bomb-blast ratings and enhanced cladding specifications.
The Problem
Due to the Directors focussing on growing the business and ensuring the developing strategy was aligned to the business growth plans, their time to focus on R&D tax reliefs was limited. The projects carried out by the client are bespoke and they use cutting edge designs that require a lot of innovation in their roll out. Furthermore, the company have utilised competent professionals within the software development industry, to create enhancements to the current market offering, adding value to the sector for all to use. Spending time looking at the details of such projects meant that Wilson Partners could confirm that the company was eligible for R&D tax reliefs.
The Solution:
The company instructed Wilson Partners to review their work, identify which projects qualified and guide them through the R&D tax relief process. In the client’s first two years of trading, Wilson Partners has applied for and received over £55k for them in R&D tax reliefs. The result of this has enabled the company to grow and plan for future development. It is anticipated that the R&D tax reliefs will continue to rise as the company increases in size and becomes more profitable.
Our knowledge on R&D tax reliefs meant that the client was able to gain financially on their usual working practises whilst positioning and confirming themselves as leaders in their industry.
The client said:
“We are thankful for the recommendation of Wilson Partners whose knowledge has enabled us to see how our ‘standard’ working practises are anything but standard! Our innovative techniques on projects have given us a financial benefit that will help us develop and grow the company further.”
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