Clive Owen and 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 and Customs.
The partnership recently resulted in a successful claim for the Wetherby Group, based in Dalton, North Yorkshire, a leading worldwide manufacturer of high performance building products.
The company 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.
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 research and development 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 Research and Development 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; our service helps eliminate this doubt.
'As a University we can provide an impartial opinion of what constitutes research and development 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.'
Nicola Bellerby, Tax Partner at Clive Owen & Co, added: '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.'
The work done at The Wetherby Group helped the company to recoup nearly £45,000.
Product development has been at the heart of The Wetherby Group’s business since the 1970s, when the current Executive Chairman, John Chalmers, began formulating a limited number of products in a rented 50sqm building.
The current product range comprises more than 300 formulations; and since John’s modest start-up, the company has manufactured more than one million tonnes of product.
Alex Chalmers, Managing Director of The Wetherby Group, said: '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 symbolize our group as a true leader in technical developments.'
For more information about how Teesside University and Clive Owen & Co can help your company with R&D Tax Credits, contact Suhail on 01642-384314, s.aslam@tees.ac.uk.