A South Wales farm has claimed a sum of £360,000 using the R&D Tax Credit scheme. The innovative dairy farm had been attempting to improve their herds and companies performance over the year. This included trialling different feed components to help alleviate issues with their herds' butterfat production. After a discussion with Zest R&D, they found that these feed trials qualified as Research and Development, so they were able to claim a farming R&D tax credit.
The farm claimed for two different Research and Development projects. Firstly - they claimed for the feed trials they conducted for their dairy herd. Secondly, they claimed for research they conducted into suitable bedding types for their herd. These two farming R&D Tax Credit projects resulted in a payable sum of £360,000 being made to them by HMRC.
The client enlisted the help of Zest to make an R&D Tax Credit claim. Zest was quickly able to identify all of the work that would qualify and maximise the claim with their understanding of what costs were eligible. This specialist knowledge in farming R&D Tax Credits ensured the client got the best possible results.
To find out more, you can view our post about R&D Tax Credits in Agriculture. Or you can get in touch for a free consultation using the link below.
Chancellor Jeremy Hunt has announced a series of changes to the UK research and development (R&D) tax relief regime, including a cut to the deduction and credit rates for the SME scheme, the R&D tax credit. The rate of the large company scheme, the R&D expenditure credit (RDEC) will be increased from 13% to 20%, […]
HMRC has recently set out its upcoming reforms to the R&D Tax Relief schemes that will form part of the next Finance Bill. Alongside some minor legislation updates to address anomalies in the schemes, the reforms as they stand will cause four major changes to the schemes. The first of which could catch out start-ups, […]
If your company has been making a loss, it’s still worthwhile making a claim for R&D tax credits. This is sometimes misunderstood with people thinking that a company needs to be profitable to benefit. In fact, applying for R&D tax credits as a loss making company might be the most beneficial way to get the most from the scheme.