Business type: restaurants
R&D Project: creation of new vegan, gluten free and reduced-salt range of their products.
Number of years claimed for: 2 years
Total Value of Claim after fees: £7303
The R&D tax credit scheme is an HMRC incentive created to inspire and reward limited companies for their innovation and development of their industry.
If you are a UK based restaurant owner that has spent time and money for innovation and product development, you may be eligible to claim R&D tax credits. At JGBC, we have experience dealing with HMRC, we speak their language in our reports and can use our expertise to explain the HMRC regulations to you to make the whole process easy and simple.
Examples of qualifying activities:
- Development of the texture, taste and nutrition of food product formulations
- Development of sustainable or new ingredients
- Creation of new samples within a test kitchen environment
- Creation of new packaging to improve durability and shelf life
- Development of environmentally friendly materials in packaging, or alternative materials to improve packing
- Creation of new methods that will reduce costs and improve product consistency
- Development of existing or new equipment and machinery to ensure food is handled safely
What can be claimed?
- Direct staff costs
- Raw materials/ingredients
JGBC step-by-step R&D process:
- 15min R&D discovery call – a call to discuss your business operations and check if you qualify for R&D tax credits.
- Accounts review meeting – our R&D expert will arrange a meeting with you to look into your accounts and determine what exactly can be claimed.
- Generating a claim report – we will create a detailed report for your claim ensuring HMRC understand your objectives and justification for your R&D claim.
- Submitting your claim to HMRC – once you are happy with your technical report, we will submit it to HMRC.
- Receiving your funds – it will normally take up to 6 weeks for you to receive your claim amount provided the claim is successfully processed.
Please note, JGBC has a no win no fee approach to R&D Claims and our fee is competitive at 25% of the realised relief compared to the industry average of 28-33%. Feel free to contact us any time to get more information about your R&D eligibility. With our expertise in taxation, we will also advise you how you can put the funds from your claim back into your business.