We have been working with an electronic engineering company for some time. They have developed innovative solutions in the field of semiconductors.
We developed an in-depth knowledge of the client and quickly discovered that they were perfect for R&D tax credits. The directors of the company were focused on producing their product and didn’t identify that their work was eligible for this valuable government incentive.
Many businesses don’t think about what they do in terms of eligibility for tax incentives – they just see a problem and work on solving it. That is the case for the electronic engineering company as they were simply working hard on what they do.
The business developed a completely new way of utilising synthetic diamond as a semiconductor to produce solutions with vastly superior thermal and electronic properties. They have developed a diode that takes the technology to the next level. It changes the way that we use power in electronics.
We helped the directors to see their work in terms of the HMRC R&D tax credits system as we were immediately certain that there was an eligible claim here. We help companies of all sizes to identify the R&D tax claims already in their business.
Together we could see that their work would be ideal for a claim, so went about understanding exactly what they did. This allowed us to submit that claim with the right amount of detail. Coming up with a new way of solving an existing problem pretty much hits the nil on the head in terms of what the HMRC is looking for in an R&D claim. It was down to us to communicate this.
The new process that the electronic engineering company developed has wide-ranging applications.
The project was highly technical in nature due to the technology involved. We had to translate the technical jargon into words that the tax man could easily read and digest. We worked with the technical and production trams to gather all the data needed to do this.
There are a number of labs developing similar technology in the same arena. But this doesn’t mean an R&D tax claim is invalid. The fact is that all of these labs develop in isolation and the information is not in the public domain. The solution does not have to be totally unique to qualify for an R&D tax claim.
The very nature of the business means that they will be innovating for the foreseeable future. The government has backed R&D tax credits for a number of years, so the business has been able to make R&D tax an integral part of their future.
The client has been able to use this money to expand their operation, as they look to work with device developers and manufacturing partners under licence to exploit their ‘unique practical approach.’
We help company of any shape or size to identify any valid R&D claims and then submit to the HMRC to put money back in their business.