Is your food and drink business missing a trick? There are so many elements to successfully running a food and drink business. You might think you have heard of them all. But thanks to an incentive known as R&D tax credits, the government might be ready to hand you something for nothing.

Research and development. It’s something we’re sure you’ve heard of. And what image appears in your mind when you hear those words? It is usually scientists in white laboratory coats concocting a new medicine. Or someone in the technology sector designing a gadget that will transform our lives like the smartphone or tablet. But that’s not the definition the government has for research and development. There is a great deal the food and drink industry does that can be classified as research and development. And that is significant for R&D tax credits.

What Is R&D Tax Credits? 

This has been around for over a decade now, with some innovative companies claiming hundreds of thousands of pounds or more over that period of time. But, traditionally, the food and drink sector has been poor performers here. It may well be because of the image of the company that carries out research and development as scientific or technological. Even the HMRC website states that –

“you need to explain how a project looked for an advance in science and technology.”

So, it is easy to slip into the trap that of thinking you don’t qualify. We find with many food and drink companies that they have R&D tax claims sat in their business, waiting to be unlocked. And this process starts with just a short chat about what you do. There’s no obligation to work with us and it’s totally free of charge. Those in the food and drink industry are innovating all the time, but rarely claim R&D tax credits. This is a real shame, because there are billions of pounds sat with the HMRC waiting to be claimed.

What Is R&D in The Food and Drink Industry 

Where as the general perception of R&D is that it involves science and technology, the reality is a little different. In the food and drink sector, there are always projects going on that qualify as R&D, such as –

• Coming up with a new flavour or variety
• Making changes to salt or sugar content die to changing legislation
• Deciding on new packaging
• Embedding a new piece of machinery or equipment

And there are scores of examples we can give you from the people we have worked with in the past. Ask us if your project or overall business is eligible for an R&D tax claim. The response might surprise you. And that won’t be the only pleasant surprise here. The average size of a claim we make on behalf of our clients is in excess of £50,000. Nothing to eb sneezed at.

And what do you need to do in order to make this happen? Let’s take a look in more detail below.

R&D Tax Credits and The Food & Drink Business 

Getting involved in R&D tax credits is a simple thing. Remember the no-obligation discussion we mentioned earlier? That’s the first step on the road. We can come to you and explain what it’s all about. Put the kettle on! Don’t forget to let us know what biscuits you like, we’ll bring them along too.

At this meeting we will listen to your business and let you know if you have an R&D tax claim there. You can claim back for the last 2 tax years as well as the current one, so if you haven’t made a claim recently this first one can be sizeable. 

From there, we take all of the strain, so you don’t have to. We will ask some questions, get an understanding of what you did and then go away and complete all of the paperwork. This includes the financials and the all-important report that explains to the tax man what you actually did to qualify for a claim. We have done this many, many times before and are proud to say we have a 100% success rate with the HMRC.

If you have missed out on R&D tax credits in the past, then now is the time to make amends. Take decisive action now and transform the finances of your business – forever!