Ahead of World Gin Day and Beer Day Britain, a northern-based, female R&D tax reclaim specialist is urging the north’s gin distilleries and craft brewers to assess whether they could be rewarded by an HMRC refund that would raise some cheer.
Darina Ward, managing director of Growthviser. is trying to rectify a situation which sees thousands of pounds remain unclaimed each year, because innovative Limited Companies did not know they could claim back up to 33 pence in the Pound, because of their “innovation”, defined in the broadest sense. In reality, innovation can mean doing things differently, changing processes, launching new products or packaging, or many other elements that come when running a business and aiming for market share or better efficiency.
Growthviser believes there must be eligible claims being unprocessed at present within the dynamic gin and craft beer sectors, with hundreds of distillers and craft-beer breweries scattered across the north.
The business has brought on board an innovative specialist, Joe Towers, who has himself been behind an innovative product, in his case, Brades Farm Barista Milk.
Another member of the team is Sylvia Barton, a professional with 29 years’ experience in the food industry, well-versed in new product development, pilot and industrial trials geared at formulating and introducing new or improved recipes or products and the supervision of new product manufacturing. She has worked for businesses like H J Heinz, where she developed many innovative manufacturing solutions.
The R&D tax reclaim specialist is now determined to raise awareness of a tax benefit that can come in the form of a lump sum cash repayment or a reduction on Corporation Tax. It also stresses that claims can be backdated for two accounting periods.
The distillery sector has seen more innovation during the pandemic, with various gin distillers turning their hand to producing hand sanitiser. This could also be the basis of an eligible claim.
Darina Ward says: “We can potentially deliver some very good news to innovators in both the gin and craft beer worlds, where innovation is driving many differently flavoured spirits and ales on a continual basis. New ways of bottling, packaging or distributing products could also form the basis of a claim. Until a Limited Company gets in touch with us to discuss their business, they are unlikely to understand the full scope of what a claim could be. All they need do is pick up the phone to start the process.”
R&D tax reclaims are not restricted to just distillers and brewers. They cover every sector and type of business imaginable. Only a fraction of eligible businesses are making claims each year.