Genuine Jay Jays Make a Substantial R&D Tax Credits Claim for Innovative Manufacturing Techniques
Genuine Jay Jays is a family run military equipment manufacturer based in central Wales. Invstment in manufacturing research and development (R&D) is part of the day to day running of the company. Specialist equipment manufactured by Genuine Jay Jays is supplied to the MOD, Police, Fire Service and many others. You can check out their products on their website.
What Was the Research & Development (R&D)?
Genuine Jay Jays have developed several innovative products in recent years. From military medical bags with quick release zips, to military badges which are visible when using infra-red goggles. The designs have required the incorporation of unique materials in innovative ways. An iterative design process allowed Jay Jays to use the best materials to create high quality products that are built to last. Best of all - this work qualifys as manufacting R&D under the govermnents tax credits scheme.
The R&D Tax Credit Claims Process
Genuine Jay Jays had one meeting with Zest, lasting about 75 minutes. After the meeting – a few emails were enough to share all the information that was required to make a claim. In total – Simon Teasdale from Genuine Jay Jays estimates the claim took less than 4 hours of his time.
Zest Maximise the Qualifying Costs for R&D
Zest were able to ensure all the qualifying costs were included in the claim. This meant it was not just the cost of the time spent performing the R&D. Zest were able to advise on the material costs and utilities costs which were permissible too.
Payable Cash Credits for R&D
Because Genuine Jay Jays claim was for previous years – part of the money due to them was paid as a cash sum to their account by HMRC.
Making the Claim
In total the process from the initial meeting, till the claim being approved, took about 14 days. Once the claim was submitted to HMRC, it took just over a month to be approved. The total value of the claim over 2 years was £6,000. All-in-all a great result, and an example of how a well-managed R&D tax credit claim can be quick, painless, and effective when conducted by Zest R&D.
If you think you may have conducted R&D - and would like to discuss it with us then get in touch for a free consultation.
Other news stories
R&D tax relief changes – everything you need to know for 2023
Find out how how companies can meet the deadlines for R&D tax credit claims and all the key R&D tax relief changes coming into place in 2023.
Is R&D tax deductible?
Costs involved in R&D are tax deductible and there are two ways in which R&D costs can reduce a companies Corporation Tax liability. Firstly – with the usual deduction of 100% of the cost from your companies profits. In addition, the R&D Tax Credit scheme allows a further deduction of 130% of eligible R&D costs, […]
Autumn Statement 2022: What it means for R&D in Your Business
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%, […]
