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Research and Development (R&D) Tax Credits

Helping businesses to grow by utilising R&D tax credits

Research and Development (R&D) Tax Credits Overview

The tax team at Old Mill specialises in helping South West forward-thinking businesses across all sectors to grow to the next level.

Whether you’re a pioneering manufacturer, a farmer working on processes to extend product shelf life, or an entrepreneur developing cutting-edge digital communication channels, your R&D expenditure may qualify for the scheme and, if it does, the rewards can be substantial.

Businesses across the South West are among some of the most progressive and forward thinking in the UK, yet many may be missing out on tax incentives already worth an estimated £2bn by being either unaware of the scheme, or assuming that their research work will not qualify.

How can we help?

The R&D tax credit scheme rewards companies that invest in developing new products, processes or services, or enhancing existing ones by offering tax relief on a range of revenue expenditure (including employee costs and materials).

We can explore whether you are eligible to make an R&D claim and then advise and support you through the claim process by liaising with HMRC on your behalf.

If your business and the project meet the criteria you could qualify for 230% tax relief on your R&D costs, which means that for every £100 spent your company could reduce its taxable profits by an additional £130, saving Corporation Tax at a rate of £25 for every £100 spent.

To chat to us about your plans, get in touch with us or make an appointment with one of our tax experts at one of our offices in Exeter, Wells, Chippenham and Yeovil.




As a family business you tend to find yourself wearing a lot of hats, so it’s essential to have an adviser like Phil Mills who knows our industry and is a good sounding board. The move onto Xero was a massive transition for us as there’s a lot of paperwork generated because of the cheese sales and we needed to set up all the cost centres and systems. We can now pull the right information on a monthly basis to provide us with much better insights to be able to run the business.

Mike Davies. Dorset Blue Vinny.
“Old Mill’s Xero specialist, Jude Bennett was phenomenal in helping us through this and was always readily available and accessible… she’s been unbelievable.”

Emily Davies. Wood bridge Farm and Dorset Blue Vinny.
"What attracted us to Old Mill was their rural and food credentials; they are known in the agricultural space across the West Country and have genuine Food & Drink specialists who understand the entire supply chain, which means we can readily plug into that expertise."

Mike Davies. Dorset Blue Vinny.
“Old Mill have been very helpful with the future planning of our family business, ready for generations to come.”

Tim Barton. Wadswick Country Store
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“Old Mill have been very helpful with the future planning of our family business, ready for generations to come.”

Tim Barton. Wadswick Country Store
"Old Mill’s Xero specialist, Jude Bennett was phenomenal in helping us through this and was always readily available and accessible… she’s been unbelievable."

Emily Davies. Dorset Blue Vinny
"What attracted us to Old Mill was their rural and food credentials; they are known in the agricultural space across the West Country and they have genuine Food & Drink specialists who understand the entire supply chain and we can readily plug into that expertise."

Richard Davies. Dorset Blue Vinny
"The move onto Xero was a massive transition for us as there’s a lot of paperwork generated because of the cheese sales and we needed to set up all the cost centres and systems. We can now pull the right information on a monthly basis to provide us with much better insights to be able to run the business."

Emily Davies. Dorset Blue Vinny
 
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