Datafox specialises in delivering R&D Tax Credits for those within the Food and Beverage industry.
Is extra funding on your menu?
The Food and Beverage industry contributes £28.8 billion to the British economy on a yearly basis it’s more significant than the automotive and aerospace industries combined. Employing over 400,000 people there can be little doubt of its importance to the UK economy. An incredible 97% of the 7,000 businesses within the Food and Beverage sector are SME’s, those that can significantly benefit from the government-backed Research and Tax Credits scheme.
What qualifies as R&D?
The R&D Tax Credits scheme was introduced by the UK Government in 2000 with the aim of encouraging innovation and global competitiveness by allowing companies to reclaim some of the money invested in qualified research and development. What is regarded as eligible for Research and Development Tax Credits within the Food and Beverage industry would surprise you? Has your business done any of the following within the last two financial years?
- Developed new production processes and techniques
- Prototype product samples for testing new recipe formulations
- Conducted sensory tests and evaluations of prototype samples
- Improved existing production processes to improve efficiency or reduce human resources, lead time, and waste
- Developed new machinery and equipment for the production and testing of food products
- Developed new packaging designs to provide enhanced functionality or increased product shelf life
- Developed cost-effective EU Compliant recipe formulations for new food products and flavourings
- Improved existing food or drink product formulations to achieve specified nutritional requirements, including sodium content and caloric value
- Improved existing food product formulations to enhance sensory qualities including flavour, appearance, and texture
- Improved existing food product formulations to extend product shelf life
- Developed new or improved ingredients/ bases, agricultural or chemical materials using science and technology that goes into the food products
- Developed cost effective, transparent labelling using paper labelling machines, overcoming practical and aesthetic issues improving an existing process
How much can my business claim back?
SMEs can recover up to 26% (if in profit) and 33.35% (if loss-making) of all eligible R&D expenditure. Large companies/ organisations can benefit from an after-tax benefit of 9.72% of the qualifying R&D expenditure.Many Food and Beverage organisations miss the opportunity to reap the potential rewards offered by the scheme.
Datafox and your business make the perfect combination
Specialists for the Food and Beverage industry means we understand your business. Resulting in our team of claims experts to successfully process your claim quickly and accurately keeping you informed of the progress at every step. In the last 12 months, the Datafox Research and Development Tax Credit Experts have processed £17 million pounds worth of claims on a NO WIN NO FEE BASIS and with NO UPFRONT costs.
Mini Case Study: Brewing & Pub Company
A brewing company that brews beer & operates some pubs on the south coast of England. The claim processed by the expert Datafox team relates to challenges to meet two independent issue regarding regulatory compliance: in the first instance, the brewer was required to invent a custom solution to the discharge of effluent into the sewer system after an issue was raised by the local water company. In the second instance, the brewer was required to design & install a bespoke extraction & air filtration system into the kitchens of one of their pubs. To meet the former requirement, a number of off-the-shelf solutions were tried but found to be wanting. In the end, the brewer had to make modifications to an Oil Tank system to allow capacity for effluent to be held during periods of excessive flow so that filtration systems could cope. To meet the air filtration requirement, the brewer had to work closely with subcontractors to design a system that would fit into an old building, and that would satisfy local authority & DEFRA regulations.
A successful claim was made with the brewer receiving a substantial cash back payment from HMRC with eight weeks.