A North-Yorkshire building products manufacturer has recouped nearly £45,000 it invested in cutting-edge research thanks to a unique partnership between Teesside University and a leading accountancy firm.
Clive Owen & Co LLP has teamed up with the University to help businesses provide robust claims for research and development (R&D) tax credits from HM Revenue & Customs.
The partnership recently resulted in a successful claim for The Wetherby Group. Based in North Yorkshire the company is a leading worldwide manufacturer of high performance building products. They had invested significant amounts of money in research into a superior exterior insulation cladding system which, unlike other products, can be installed in all weathers and is a much more efficient insulator. The work done at The Wetherby Group helped the company to recoup nearly £45,000.
Applying for R&D tax credits can be quite daunting, particularly for smaller companies who are not familiar with the process or do not have the resources to commit to the complex paperwork. However, the partnership between Teesside University and Clive Owen can make the process much smoother.
Staff from the University provide an impartial assessment through a technical report on the nature of the research, advising what can legitimately be counted as R&D to help with the validity of the claim. Clive Owen & Co can then work out the value of this research and calculate how much the company is entitled to claim as an R&D tax credit.
Suhail Aslam, Head of the Teesside Manufacturing Centre, said: 'Companies might just see R&D as part of their ‘day job’ and are not aware that they can claim tax credits for the time and money they spend on it. Also, they might be wary of contacting the tax office with what they might consider to be a spurious claim. We can provide an impartial opinion of what constitutes R&D and can stress-test tax credit claims. We can act as a buffer between the company and HMRC and provide credible experts to give impartial assessments and add real value to claims.'
‘Working with Teesside University is a unique way of processing R&D tax credits. Academics at the University can give us much more technical advice about the nature of the research and help us when we draw up the claims. The amounts recovered can be substantial and can make a big difference, often helping to pay for extra staff or marketing and promotion for the product that has been researched.'
'Our core strategy is to continue to innovate and invent new high-performance, eco-friendly building products, to support the construction industry in delivering high quality, smart buildings. Wetherby have invested heavily in R&D for decades, independent of any support from government.
'Now, by working with Teesside University and Clive Owen, we understand what we need to do to meet the R&D claw-back criteria laid out by HMRC. This support is allowing us to recycle investment straight back into our R&D programme, which means we are getting tangible results from the support. These ground-breaking innovations also symbolise our group as a true leader in technical developments.'