- Changing market costs and difficulty in recruiting staff hit business growth in current economic climate
- The Elevator Company is going up to the next level with a six-figure sum to reinvest into the business
Jamie Cassidy, director of The Elevator Company in Rotherham has so far received £120,000 through a successful R&D claim managed by Research and Development Specialists Ltd (RDS), a figure that is perhaps even more impressive given that he had never heard of the scheme previously and almost dismissed it as sounding ‘too good to be true’.
The Elevator Company, founded in 2008, provides technical support to lift owners and operators as well as to the lift industry itself; specialising in lift and escalator installation, maintenance, repair and modernisation.
Jamie heard about the HMRC R&D tax incentive scheme when it was brought to his attention by Brearley & Co Accountants. After RDS were recommended to him and successfully helped him to secure £120,000 for the first two years of the claim, he is keen to encourage other company bosses to investigate.
“I was a bit scepticaI at first as I thought it sounded too good to be true”, begins Jamie. “Being a smaller business, the scheme was not something I’d previously been aware of. But RDS were extremely professional and honest, quickly getting a grasp of the business and an idea of what we could potentially claim for, including lift refurbishment and obsolete materials.
“We were facing challenges as a company with changing market costs and difficulties in recruiting staff. The incentive has helped us to navigate this by providing a cash reinvestment into the business and allowing us to grow internally.
“RDS did a lot of the paperwork for me. The experts they have in the business meant they quickly grasped and understood what R&D we were doing.
“My advice would be to do your research and listen to the experts – you’d be a fool not to.”
The HMRC 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.
Mark Joyner, MD of RDS, added: “We love working with and helping fellow businesses, especially ones that have been impacted by rising costs or COVID-19. By supporting businesses who undertake research and development, we feel like we are doing a little bit to help keep the local economy growing.
“There are so many companies out there like Jamie’s that could be benefitting from a cash injection. At RDS, we look to make sometimes complex processes much simpler, giving business owners like Jamie peace of mind and saving them valuable time.
“When you are paying a firm to oversee a claim, they should be doing the vast majority of the work, but it’s also vital they keep you involved and update you at each stage. Transparency is key. Here at RDS we are keen to uphold standards within the industry. My advice for anyone engaging an R&D firm is the same as it would be for any business service. Ask around your network for referrals, read online reviews and do your research.”
For more information visit https://randdspecialists.co.uk/ or call 0161 823 5281.