MEMBER PRESS RELEASE – Available Grants celebrates new partnership with Eco2 Limited
Anaerobic digestion and biogas sectors gain significant Research & Development Tax Relief opportunity
Today, more than ever, anaerobic digestion (AD) and biogas businesses are seeking ways to progress their activities so that sustainable growth is achieved. Having recently joined as a member of the ADBA community, Available Grants, a R&D tax specialist, participated as a sponsor at the ADBA National Conference. Networking with various delegates, it was apparent that the pressure for the AD and biogas businesses to adapt to sector policies are a constant requirement, meaning that there exists a relentless drive for firms to focus on finding new ways to deliver products and services to their rapidly changing markets.
Having regard for various market forces, how do AD and biogas businesses overcome these obstacles? Well, it would probably require activities that involve appreciable improvements in processes, products, and services where some form of uncertainty of the outcome is apparent. Interestingly, these activities are likely to be considered as research and development (R&D) for tax purposes. And no, R&D is not exclusively associated to ‘ground-breaking’ work taking place in a top-secret laboratory and people dressed in white lab coats.
Acknowledging that the implementation of innovative technologies, processes, products and services often attract high financial costs, and may not be as practical to implement as the business ambition wishes it to be. However, there may be a way to help soften the blow that these types of costs have with innovation.
How can this be achieved; you may be wondering? Part of the solution is in the form of a R&D tax relief incentive, which was introduced by the UK government for the purpose of boosting and improving innovation. This generous incentive has seen businesses benefit from either a reduced corporation tax or in some instances, a cash tax credit. Simply put, a portion of the costs spent on your research and development can literally be used to re-invest into your business to help remove barriers and to further promote innovative thinking.
Let’s take a closer look at a recent success story from an ADBA member, a company known as Eco2 Limited– founded in 2002, this company has been at the forefront of renewable energy development across the UK, and have chosen Available Grants Limited as their preferred R&D tax relief specialist consultants.
Of the company’s recent R&D tax relief claim exploration, Eco2 finance director Matt Hughes said, “Initially, we weren’t sure if we were eligible for a claim from HMRC and decided to explore the opportunity with a R&D tax specialist as we felt that their offer of a resultant based fee meant that there was no risk for us”. Eco2 had embarked on several projects recently which combined a number of activities that were aimed at advancing the knowledge and/or capability in a field of science or technology. By way of a project exampleEco2 sought to research advancements in material-conversion-knowledge to develop a viable use for ash waste produced during the thermal combustion/generation process at a biomass power station in order to reclassify ash as a product that can be used in industry.
The notion of R&D activities can be identified by asking yourself these types of questions:
- Does my business engage in projects which seek to overcome uncertainty (even if the projects had failed)?
- Does my business spend time improving processes, products or services?
- Does my business invest time discovering ways to create new products, services or processes?
From the outset, Eco2 were able to answer yes to these questions but, the ability and competency to transform their activities into a meaningful and coherent technical report of evidence required the services of their R&D tax relief specialists. The result? A significant tax rebate received from HMRC.
Commenting on the newly formed agreement between Eco2 and Available Grants, national account director Stephen Muldoon said, “We are incredibly grateful for the opportunity to work with a ‘grow-getter’ company like Eco2 but, it’s really about helping businesses claim their rightful and fair amount of R&D tax relief that they are entitled to”.
Knowing that there is a potential R&D tax relief in place to help serve those businesses within the anaerobic digestion and biogas sector, it might just be worth exploring the eligibility with a R&D tax specialist like Available Grants?
You could make use of their user-friendly eligibility test and calculator or arrange for a friendly chat with one of their R&D tax managers.
To contact Available Grants:
Tel: 0330 9120710