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23 Feb, 2018
Our joint ‘Innovate & Save’ seminar with Haines Watts provided useful information for companies of all sizes and sectors on how various projects they are working on could be eligible for tax credits, even if they are not designing a product.
ISO Quality Services Limited and Haines Watts Worcester were delighted to welcome clients and local businesses to a breakfast seminar on 13th February highlighting the often missed ‘innovation’ tax credits available to their businesses.
The breakfast event, aptly named ‘Innovate and Save’ was held at Worcestershire County Cricket Club. Terry Cheesman, Regional Head of R&D at Haines Watts presented to delegates.
Sadly, as Terry pointed out, only 4% of eligible companies claimed R&D tax credits in 2016. Terry commented that the reason for this “there is often a misunderstanding about what activity can qualify for this additional tax relief”, particularly in the professional service sector.
However, delegates were pleased to learn that R&D tax relief is now more accessible to SMEs than ever. Terry helped to clarify the different activities that can qualify including digital rebranding, implementation of ISO quality systems, a move to new premises and adaption of a product/service for a new market. Importantly, failed and abandoned projects can also qualify for relief.
Haines Watts Worcester is on a mission to assist businesses with claims, and in 2017 alone Terry and his team helped companies to recover over £10 million in additional tax savings.
ISO Quality Services Limited have been on the receiving end of that assistance. Jennifer Appleton, Operations Director at ISO Quality Services, spoke to delegates about the process they went through with Haines Watts to recover £30,000 this year and how those monies will go on to fund further projects later this year that will form the basis of an R&D claim next year.
Jennifer commented, “It has made us rethink our whole business funding strategy for certain projects including the way in which we will fund our future CRM system upgrade. The advice provided by Haines Watts has been invaluable to us, and I would urge other businesses to seek their advice – you never know what you may be able to get back!”
For further advice on how you can claim R&D tax relief, please contact Haines Watts’ Worcester office on 01905 612347 or email firstname.lastname@example.org.
For information on ISO certification, please contact ISO Quality Services on 01905 670303 or e-mail email@example.com.
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