Welcome to LUMO, the home of R&D for the food and drink industry. Whether you are a seasoned claimant for R&D tax credits or are brand new to this doing your research, LUMO is the team that will help you get the most from a claim and propel your business forward. We have a process that has been honed over a number of years and millions of pounds worth of claims.
If you have a food and drink business, then you might be looking at R&D tax claims and wondering what it is all about. There are many reasons a food and drink business might have an R&D tax claim. But not all of these are realised. Some fall by the wayside because of a lack of time or a lack of understanding. The food and drink industry is far too important for that to happen. It is a large and growing part of the economy as the UK moves through Brexit.
So, R&D must become an integral part of any food and drink business. We are already doing it with new flavours, new recipes and new equipment being used all the time. The government is ready to reward businesses that makes these changes in the name of improvement. Let’s take a look at the LUMO process and how we can help your food and drink business to make the most of this lucrative incentive –
The First Steps: Do I Have A Claim? 
Your food and drink business can often take up a lot of your time and concentration. Keeping all of the plates spinning at the same time is a feat in its own. The idea of taking on something else or taking your eye off the ball feels counter intuitive to most. Doing what you do – and doing it incredibly well – is the key to success. But you might have this niggling feeling that there might be a better way.
Food and drink businesses are experts in research and development – but many don’t even know they are carrying it out at all. Your latest flavour or variety? That’s R&D in a nutshell. The new process you came up with to save time? Yep, that’s one as well. The new recipe to save money because a particular ingredient became prohibitively expensive? Another claim. Food and drink businesses are prime candidates for R&D tax claims.
If you have made changes in your business over the last 3 years or so then you should drop us a line. We could well have some good news for you. That’s when the LUMO R&D process begins. If you suspect that you have an innovation, then we are ready to listen to you and answer any questions you have. Let’s start from the beginning…
The First Meeting: No Fee, No Obligation
The start of your journey with LUMO is a short meeting. We introduce ourselves but, more importantly, we are there to listen. The story of your business is interesting to us for two reasons –
- We love to hear the individual stories
- Behind many of these stories is an R&D tax claim waiting to be revealed
We turn up at your place of business or somewhere else convenient to you. From there, we want to know what has been happening in your business over the last few years, especially the innovations you have come up with.
There is no fee for this meeting. All we ask is that you put the kettle on. A chat can often uncover some startling results. Like the other food and drink businesses that we have helped to tens of thousands of pounds of R&D tax credits or more.
At the end of that meeting we will be able to give you a good idea of whether you have a valid R&D tax claim. You can trust that we know one when we see one. A 100% success rate with the tax man in terms of R&D tax claims confirms that we know the food & drink industry and R&D tax like the back of our hands. There is no obligation to use our professional and thorough service from there. But let’s get that chat booked in and see where this can take you.
Putting Meat on The Bone: Gathering Information 
The next step in the LUMO process is to find all of the details that will support an R&D tax claim. It is in the little parts of a project where things didn’t quite go to plan that we find what the tax man is looking for. These uncertainties are what makes R&D interesting for us. And they are what makes a claim eligible as far as the HMRC as concerned.
We work with your accountant to get all of the financial details needed. We only do R&D tax credits. That’s what we live and breathe. Because of this, we are only looking for the facts and figures that will support a claim. Let your accountant handle all of the rest and we’ll take care of the R&D tax claim to ensure you maximise it. The result of this is we get all of the financial information the HMNRC is looking for.
The we speak to you and your team to find out what went on in the project. By asking questions relating to what went on, we can build a picture of the project. The tax man is looking for certain things. We know, we’ve submitted hundreds upon hundreds of claims. Asking the right questions is a vital part of the LUMO process. The answers all come together in simple language to submit to the tax man. The result of this is we put together the report that supports the financial information.
These two elements together are the requirements for a successful R&D tax claim. You want this to be right first time. It saves a whole lot of hassle later on.
Dealing with The Tax Man: Nobody’s Idea of Fun
The next step in the LUMO process is answering any questions the HMRC has. Dealing with the tax man isn’t a great deal of fun for anyone. There are always reports of missing some of the high standards we expect from them.
If you are not well-practiced with the ins and outs of the tax system, then you can get wound up in knots. They might want more information, have a few questions or need clarification of some points. The best way to avoid this is to get the forms filled out correctly in the first place. But with the best will in the world, there will always be an odd question or two. 
That’s where LUMO take care of you. Rather than leaving you to deal with this, we speak to the HMRC on your behalf. As R&D tax experts, we know what they are looking for. Let us take the strain and deal with them on your behalf. You get on with the important job of running your company. We’ll let you know when the cash is on the way.
Rinse and Repeat: R&D Tax As {Part of Your Business Plan
Now you might think that the next step in the process is to go ahead and spend that money. In a way you are right, but in another way you are not. The cash might come straight into your bank account or as a reduction of your Corporation Tax bill. This tax is big news, especially with the likes of Starbucks and Amazon being seen as playing unfairly.
A successful R&D tax claim can be spent on anything you wish. There are always new things to spend on for a food and drink business, including – 
- Paying off any debt
- Giving your team a bonus
- Taking on new members of staff
- Taking out of the business to use yourself
But one of the most important considerations here is the reinvestment in more research and development. Once you have seen the power of R&D tax, you will want to make it an integral part of your business plans going forward. That’s where LUMO’s process really comes into play. We help you to understand where R&D sits in your company. Then we help you to look forward and make sure you have eligible claims for future years too.
Making R&D a part of your business structure is rewarding in itself. With the government looking to reward you financially too, there are more reasons than ever to future-proof your food and drink business with research & development and R&D tax. Get in touch to find out more about how LUMO can help you with this.