Randd UK

A Message from Lord Pickles and Lord Blunkett, followed by Randd UK's best practice article

The ability to listen and learn from one another has always been vital in parliament, in business and in most aspects of daily life. But at this particular moment in time, as national and global events continue to reiterate, it is uncommonly crucial that we forge new channels of communication and reinforce existing ones. The following article from Randd UK is an attempt to do just that. We would welcome your thoughts on this or any other Parliamentary Review article.

Blunkett signature Rt Hon The Lord David Blunkett
Pickles signature Rt Hon The Lord Eric Pickles

www.randduk.com

THE PARLIAMENTARY REVIEW
Highlighting best practice
22 | RANDD UK
R&D Tax Consultant
MattTimby
Based in Derby, randd uk limited are research and development
tax credits experts, recognised as industry leaders in this field.
Founded in 2008, randd UK have a 100 per cent success rate
and have so far rewarded UK clients with over £90 million. With
an average cashback of over £50,000, randd UK work closely
with clients to ensure they receive the optimum amount of R&D
tax credits deserved. R&D Tax Consultant Matt Timby and Head
of Marketing Sam Warburton elaborate.
Our reputation is built upon hard work, approachability and specialist knowledge.
We strive to provide a first-class service to maximise the claim size with minimal
effort required from the client; friendly team members are available to assist at
every stage to simplify the process. A client from the animation industry remarked
“We’re grateful for the expertise of randd, who have a past history of successful
claims and a good relationship with HMRC.”
Every claim starts with an initial chat to determine eligibility – which projects
apply and the correct scheme to apply for: small and medium enterprises (SME) or
research and development expenditure credit (RDEC). Technical experts visit the
client to go through R&D projects and use this information to write a report. This
is then submitted to HMRC along with the financial figures, which are collated by
R&D consultants in-house. To ease the process, we work with the client’s finance
department and their accountant, and we liaise with HMRC. Simon McArdle,
Managing Director at Webscript Designs, explained, “You’ve made a complex and
potentially problematic process almost quite pleasant and very worthwhile.”
High-flying team of specialists
Our team includes chartered accountants and technical experts. Everyone is highly
experienced and specialist in their own roles, working collaboratively to provide
the best possible service for clients. Recently, we have invested in four apprentices
to become fully chartered accountants; apprentices spend one day per week at
college studying for their qualifications (AAT or ACCA), while also working on live
claims and bringing a fresh perspective.
Opportunities to develop professionally and personally are offered to all employees;
as part of our tenth anniversary in 2018, we have been raising money for charity
through a skydive, 10km run, selling RANDD Pale Ale to local Derby pubs and a
business fundraiser.
Rewarding innovation
Introduced in 2000, the R&D tax credits scheme was established by the government
to boost the economy through UK innovation. The biggest challenges that we face as
a company is that the R&D tax credits scheme is unknown or seems too good to be
true. R&D tax credits have helped businesses across the UK to grow, financially sustain
AT A GLANCE
RANDD UK
»R&D Tax Consultant:
MattTimby
»Head of Marketing:
Sam Warburton
»Established in 2008
»Based in Derby
»Services: R&D tax credits
experts
»No. of employees: 25 and
growing
»Over £90 million claimed for
UK businesses since inception
randd uk
23RANDD UK |
BEST PRACTICE REPRESENTATIVE 2019
Clients can stem from any
industry including:
»Manufacturing, engineering
and foundries
»Pharmaceutical and medical
»Aviation and marine
»Adhesives, sealants, chemical
and paints
»Food and drink
»Printing and packaging
»Animation, games and apps
»Clothing, textiles and fabrics
»Construction and property
»Cosmetics and personal care
»Energy harnessing
»Farming and agriculture
»Security, lighting and electrical
»Software development, IT and
communications
innovation and invest in more employees.
The scheme covers a broad range of
sectors from manufacturing, engineering,
pharmaceutical and software
development through to less obvious
sectors for R&D such as food processors,
packaging firms and evenfarmers.
For example, a tweed weaver claimed
£274,000 in R&D tax credits over six
years with the latest addition of over
£66,000. The well-established company
designs and manufactures innovative
fabrics for the women’s fashion industry.
Trialling combinations of multiple yarns
with hugely differing characteristics, in
terms of the manufacturing process,
dyeing or washing process, shows
innovative thinking. An experienced
workforce with unique skill sets
undertake trial and error and problem
solving with the aim of reducing costs,
enhancing quality and improving
sustainability. Previous R&D tax credits
have enabled the tweed weavers to
become ever more innovative and
more likely to invest in newer capital
equipment to help them remain world
leaders in specialistfabrics.
In my experience, all of the companies
who have benefited from the scheme
have reinvested the money back into
their businesses. Our average funding
achieved is between £50,000 and
£60,000, and the directors of the
companies receiving the funding often
explain to us that it will be used to invest
in new staff, machinery or the next
R&D project. It’s really pleasing to hear.
In a few cases, R&D tax credits have
saved businesses who have devoted
resources to innovation, but found that
their R&D efforts were not commercially
viable or achievable. The scheme has
enabled them to sustain their pursuit
of a technological breakthrough.
Partnerships with accountants
As leaders in R&D tax credits in the UK,
we’ve had a significant impact on the
finance industry. We work in partnership
with accountants, and the majority of
our referrals still come through word-
of-mouth recommendations. Referring
clients to us benefits accountancy
practices and financial firms who
receive a referral fee and strengthen
relationships with their own clients.
Yvonne Jackson, partner at Clayton
& Brewill Chartered Accountants,
commented:
We regularly refer
our clients to randd UK and have no
hesitation in doing so, knowing they
take the time to understand our clients’
organisations, and provide them with
expert advice in relation to R&D tax
credits. All of the clients we’ve referred
have been successful in securing credits
as a result of working with randd UK.”
Instead of becoming a multidisciplined
accountancy practice, we specialised
in R&D tax credits to acquire expert
knowledge of the scheme and
optimise claim sizes. With ten years of
experience, filing cases daily, we fully
understand every aspect of the scheme
and eligible R&D activities. Particularly
in respect of clients in unusual sectors,
our dedicated team can recognise and
show businesses that their day-to-
day operations are actually qualifying
technological advancements.
Next steps
The R&D tax credit scheme for SME
companies and RDEC scheme for large
companies has cross-party support; it
was set up by the Labour government,
increased in size by the coalition
government and then increased even
further by the current Conservative
government. Each chancellor in turn
has improved the scheme. With
Brexit drawing closer, awareness of
this scheme is more important than
ever to compete with our European
counterparts. More recently, we’ve
seen the welcome expansion of the
creative industries tax credits scheme.
This incentive is still evolving but will
massively aid young entrepreneurs
requiring funds in the creative sector.
Ten years of R&D
tax credits is thirsty
work: our charity
RANDD Pale Ale
We specialised
in R&D tax
credits to
acquire expert
knowledge of
the scheme
and optimise
claim sizes

www.randduk.com

This article was sponsored by Randd UK. The Parliamentary Review is wholly funded by the representatives who write for it. The publication in which this article originally appeared contained the following foreword from The Rt Hon Theresa May MP.

The Rt Hon Theresa May MP's Foreword For The Parliamentary Review

By The Rt Hon Theresa May MP

This foreword from the then Prime Minister appeared in the 2018/19 Parliamentary Review.

British politics provides ample material for analysis in the pages of The Parliamentary Review. For Her Majesty’s Government, our task in the year ahead is clear: to achieve the best Brexit deal for Britain and to carry on our work to build a more prosperous and united country – one that truly works for everyone. 

The right Brexit deal will not be sufficient on its own to secure a more prosperous future for Britain. We also need to ensure that our economy is ready for what tomorrow will bring. Our Modern Industrial Strategy is our plan to do that. It means Government stepping up to secure the foundations of our productivity: providing an education system that delivers the skills our economy needs, improving school standards and transforming technical education; delivering infrastructure for growth; ensuring people have the homes they need in the places they want to live. It is all about taking action for the long-term that will pay dividends in the future.

But it also goes beyond that. Government, the private sector and academia working together as strategic partners achieve far more than we could separately. That is why we have set an ambitious goal of lifting UK public and private research and development investment to 2.4 per cent of GDP by 2027. It is why we are developing four Grand Challenges, the big drivers of social and economic change in the world today: harnessing artificial intelligence and the data revolution; leading in changes to the future of mobility; meeting the challenges of our ageing society; and driving ahead the revolution in clean growth. By focusing our efforts on making the most of these areas of enormous potential, we can develop new exports, grow new industries and create more good jobs in every part of our country.

Years of hard work and sacrifice from the British people have got our deficit down by over three quarters. We are building on this success by taking a balanced approach to public spending. We are continuing to deal with our debts, so that our economy can remain strong and we can protect people’s jobs, and at the same time we are investing in vital public services, like our NHS. We have set out plans to increase NHS funding annually by an average by 3.4 percent in real terms: that is £394 million a week more. In return, the NHS will produce a ten-year plan, led by doctors and nurses, to eliminate waste and improve patient care.

I believe that Britain can look to the future with confidence. We are leaving the EU and setting a new course for prosperity as a global trading nation. We have a Modern Industrial Strategy that is strengthening the foundations of our economy and helping us to seize the opportunities of the future. We are investing in the public services we all rely on and helping them to grow and improve. Building on our country’s great strengths – our world-class universities and researchers, our excellent services sector, our cutting edge manufacturers, our vibrant creative industries, our dedicated public servants – we can look towards a new decade that is ripe with possibility. The government I lead is doing all it can to make that brighter future a reality for everyone in our country. 

British politics provides ample material for analysis in the pages of The Parliamentary Review 
The Rt Hon Theresa May MP
Prime Minister