The scheme, aimed at SME’s, allows businesses to recover the costs of developing innovative products and manufacturing processes. Application criteria stipulates that a company must design, develop and produce new products or manufacturing processes, be a UK Limited company trading for over 12 months and employ fewer than 500 people.
Fairhurst, having worked closely with Expac over the last six years, identified the business qualified for the scheme and using relevant expertise obtained tax refunds for both 2011 (£35,000) and 2012 (£22,000).
“Since Fairhurst starting advising us in 2007 we have been very impressed with the pro-active advice they have provided. This has been essential to a growing company such as ours.” Comments Expac Managing Director, Mark Langtree. “Examples include obtaining access to new funding lines, assisting with Capital Allowances claims on commercial property as well as identifying the opportunity to utilise the R&D Tax Credit scheme. This resulted in a significant tax refund which has allowed us to drive the growth of the business through investment into new product lines.”
The whole process from the initial assessment criteria to receiving the tax refund cheque took less than two months.