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.
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.