How R&D Tax Credits Made Us Our Most Profitable Day…

12 Nov, 2020

Back in 2018, we had our most profitable day in the history of the business where we earned nearly £42,000 but how did we achieve it? Through R&D Tax Credits.  Before you think ‘we’re not eligible’, you most likely are, especially if you have ISO Certification so read on to find out more… you have nothing but a few minutes to loose yet potentially thousands of pounds to gain!

What are Research and Development (R&D) Tax Credits?

The term ‘Research and Development’ may conjure up an image of lab scientists in white coats, but this Government scheme supports a range of companies that seeks to research or develop an advance in their field.  So, if you have made improvements to your processes, services and/or products in the past two years, you could be missing out on thousands of pounds like we were! Even for your failed projects.

A large majority of eligible companies have never made a claim.  Many are either unaware of the scheme, think it is a difficult process, underestimate the benefits or simply don’t think they’re eligible, like we did.

Our Most Profitable Day…

Back in 2015, our Managing Director Jennifer, nearly skipped a seminar about R&D Tax Credits thinking they weren’t eligible to professional service firms like ourselves.  Had she not gone; we would have missed out on nearly £42,000 of tax credits and thousands more over the following years.  You can find out more about how we achieved our most profitable day here as well as from other businesses like Digital Glue and Ecology by Design.

There are significant sums of money to be reclaimed by companies of all sizes with the national average claim being £42,000.  This doesn’t just relate to large multi-national companies but SMEs like ourselves too.  If you think you are not spending any money or resources on R&D activities, please think again as you most probably are, especially if you have ISO Certification.

What has this got to do with ISO Certification?

A great deal! A core element of a management system is the focus on continual improvement to your processes, so our service is recognised as a ‘qualified cost’.  We estimate that over 90% of our clients are eligible for R&D Tax Credits so it’s worth a quick call to an R&D specialist, not just your accountant to find out more.

Can you recommend a specialist?

We highly recommend Phil Arch at Business Solutions (Midlands) Limited who offers a no win no fee service and can be contacted on 07541 838 476 or phil@bsmidlands.co.uk.  As a business, we never accept referral fees as it goes against our passion for supporting businesses like you.  However, by letting Phil know that ISO Quality Services Limited recommended you, you will be helping to support our chosen charity Midlands Air Ambulance Charity who will receive a donation.