The Forest Group
Accountancy Case Studies
Many businesses are potentially missing out on a powerful tax incentive.
A recent case yielded very real benefits as Mark Aherne explains:
Forest Safety Products are a leading manufacturer of safety products for the building industry. Like many businesses, Forest had been working very hard on various projects over the years but did not think of it as R&D work.
There is a general misconception that R&D activities are restricted to ‘boffins’. This, coupled with a lack of awareness and drive from accountants means that many businesses are potentially missing out on a powerful tax incentive.
With Forest we agreed a free initial consultation to talk in detail about their activities over the last few years. This is where experience comes in as I always find that once we start talking about the business in detail the ideas soon start flowing and projects that could easily have been overlooked become identifiable.
In particular a project doesn’t need to have been successful to qualify but these are often quietly forgotten..
One concern the company had was the amount of management time that would be involved in preparing any claim.
We quickly allayed these fears as our experience and expertise means any claim will be prepared with the minimum of fuss.
Once we had established a qualifying project existed we agreed to produce a claim report on a ‘no win no fee’ commission basis. We worked with management promptly to identify all the relevant costs (such as staff time) to maximize the claim.
A month later we had submitted a claim report and the client promptly received a cheque from HMRC for over £10k. A real result that could so easily have been overlooked!
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