Tax credits for R&D help stabilise firm after tough trading period
A Ripon-based building preservation firm has been able to recover following a difficult couple of years after its innovative projects qualified for research and development (R&D) tax credits.
Danford Brewer & Ives received £20,000 from HMRC across two claims, secured by R&D tax specialists Access2Funding.
David Ingham, managing director at Danford Brewer & Ives, said: “Having someone like Access2Funding advising us and taking the time to visit us and work through our records face to face (and virtually during Covid-19) is great. As director of a small company, with no management background, it is difficult finding spare time to do things like this as I am still very much hands-on.
“The money received is much-appreciated and will go towards stabilising the business and assisting with recovery from the last couple of years, enabling us to get back on an even keel.”
R&D tax credits are a government incentive designed to reward UK companies for investing in innovation, with the incentive being a reduction in corporation tax or a cash payment.
Owen Harvey, client account manager for Yorkshire at Access2Funding, said: “From researching and developing new ways of doing things to improving existing products and services, innovation within construction is plentiful, yet the construction sector historically is less likely to claim R&D tax relief than other comparable industries.
“This could be because businesses are unaware of R&D tax credits and view innovation as part of their every day, when in fact, the government wants to reward businesses for investing in innovation. Or, as we hear from some businesses, they just don’t have the time to do all the paperwork.
“It was a pleasure assisting Danford Brewer & Ives with their claims and helping them identify qualifying activities during what has been a challenging couple of years for their business, along with many others.”