Research and development tax

Barnett Ravenscroft started working with an engineering client three years ago. Initially, they wanted their management accounts prepared (which historically had been sent out monthly and then forgotten in a drawer).

Such is our passion, we spent time discussing the business with the client and gained a vast amount of insight about where they wanted to take the business strategy and how we could help them to achieve this.

We produced 5-year forecasts for the business that demonstrated how small changes in the gross and net profit margins would make huge differences to the overall position of the company.

We then set about preparing timely and accurate management accounts that pitched the company performance against the forecasts highlighting both areas of strength and weaknesses and guiding the client where to aim for improvement.

Bringing in our Research & Development specialist services proved hugely beneficial for the client. We identified a new of research and development costs that amounted to a sizeable claim for tax credits providing a cash injection that enabled investment and further company growth.

From receiving meaningless accounts in the post each month and final year-end accounts shortly before the deadline (9 months after the year end!) the client now receives all information needed to assist in running the business in an efficient and timely manner.

We are proud of our relationship with this client and look forward to the regular meetings throughout the year that continue to help the business to grow, we are their right-hand man, taking calls throughout the day and night to ensure their success.

If you are looking for a trusted advisor and think we could help you to unlock your business potential then get in touch now.