Client Overview
Our client, founded in 2019, is an innovative early-stage start-up with a deep commitment to renewable energy and sustainability. The company prides itself on its world-class technology, agile approaches, and the ability to comply with communication protocols for diversified flexible generation across the globe. The team of passionate professionals strives to expand to new markets through virtual power plant technology and data analytics. Their innovative solutions have been widely applied in the renewable energy space, including distributed power generation and commercial & industrial parks.
Problem Statement
Having benefited from R&D claims in the past, the client was aware of their potential but was unsure how to optimise their claim process and to achieve the maximum possible benefit. Although the company possessed profound industry expertise and a robust management system, they required expertise knowledge of R&D claims to prepare strong applications effectively. Invenics Services Ltd. was engaged to help them better understand their potential R&D claim areas and to navigate the intricate process of preparing a strong and defendable claim.
Our Process
ResearchQX began the R&D claim process by conducting a meeting with the key technical and financial staff members of the client, to discuss how the work performed by the company meets the R&D eligibility criteria for tax purposes. The session focused on understanding the nature of client's projects undertaken in the period concerned, what sort of technological advances they sought to achieve and how they resolved the technological uncertainties, as well as what types of costs were incurred in the project work.
Projects developing new renewable energy technologies and optimising existing systems for efficiency were determined to be eligible for the claim, as they were resolving technological uncertainties. Our expert team worked alongside the client's staff to gather the necessary supporting documents and compiled a detailed report in support of the claim. Their claim has been successfully approved by HMRC a few weeks after submission, giving our client valuable cash credits which they are using to further increase their R&D investments.
In addition, we also provided the client with specialist advice on how the latest changes in R&D tax legislation (launched by HMRC as part of the R&D Tax Reform) may impact their future claims, as a way to assist the client to design their R&D roadmap.
Key Metrics
As a small business, our client is set to gain significantly from the R&D claim, particularly considering the current economic climate. With ResearchQX's assistance, they now have a repeatable claim process backed by an effective data capture process within the organisation, facilitating smoother preparation of future claims. We look forward to working with the company on their upcoming R&D claim, and are truly proud to be able to support our client’s growth by securing tax-saving/cash benefits that could accelerate their expansion in the renewable energy sector.
