A family run metal welding and fabrication business who conduct amazing R&D projects has received a cash injection worth around £50k through successful R&D claims managed by Research and Development Specialists Ltd (RDS).
Joe Kelly, director at Kelly Welding Services, has been able to further grow his business despite the current economic downturn and rising raw material and energy costs. And all this despite not previously having heard of the scheme and initially thinking that it sounded too good to be true.
Kellys Welding, was established in 2017 in Wetherby, West Yorkshire and offer sheet metal materials as well as sheet and laser cutting services. Joe initially heard about the HMRC R&D tax incentive scheme when it was brought to his attention by his accountant, who works closely with RDS.
Joe explains more about the process and how it has helped his company:
“As a family-run business, I hadn’t heard previously heard of the HMRC scheme and I’ll admit to being a bit sceptical when my accountant first mentioned it.
After I was introduced to the team at RDS, they explained the process and quickly understood which of our R&D activities would qualify, including new product innovation and existing product development. I have my own account manager at RDS who fully understands my business, meaning that I don’t have to spend valuable time filling in the paperwork. The whole process is so simple and transparent.”
After 3 successful R&D claims totalling around £50k, Joe has not only been able to grow his business, but also appoint another company director, purchase new machinery and look into moving to bigger premises. As a result, he is eager to spread the word to other companies who are struggling in the current economic climate and may be unaware of the scheme.
The HMRC R&D tax incentive is available to any company no matter the size. It rewards those undertaking original research and development with tax credits that can either be deducted from corporation tax or if a claim is historical, claimed back as a repayment of overpaid corporation tax. The aim of the Government scheme is to stimulate innovation and boost the economy.
RDS are a fast-growing specialist R&D focussed team who have successfully identified over £45m for clients in eligible R&D spend since 2017. The company recently introduced a state-of-the-art customer service hub, a £50K+ project that is totally unique to RDS, streamlining internal processes, saving time for those on both ends of overseeing an R&D claim and giving clients 24-hr access to a real time view of the progress of their claim.
Mark Joyner, MD of RDS, commented:
“We love working with and helping fellow businesses, especially ones that have been impacted by rising costs.
“It’s Kelly Welding’s innovation and new product development that makes them eligible to claim under the HMRC scheme and there are so many other companies out there in a similar situation that could be benefitting from cash influxes totalling tens of thousands. The fact that they aren’t simply boils down to awareness.
“At RDS, we look to make sometimes complex processes much simpler, giving business owners peace of mind and saving them valuable time. We’re on a mission to spread the word and help as many businesses as possible to access those vital funds.”
“The more we can highlight positive case studies, the better. By sharing real life successes, we can spread the word throughout each particular industry that there is a legitimate Government-backed scheme that can be accessed to inject thousands back into businesses. It’s particularly relevant right now given that many are really struggling against the current economic backdrop.”
Joe concluded: “I have had 3 successful R&D claims now, totalling around £50k, which have essentially wiped my corporation tax. Material costs and energy costs are a challenge I think everyone in my industry is facing, the return on our R&D tax relief helps massively with cash flow. My advice would be to trust the experts and go for it!”
