While voices on both sides of the forthcoming EU Referendum on June 23^rd tend to market their cause to us all in fairly bold and strident terms, clearly very determined to convince us that their argument is the winning one, does anyone truly fully understand, whether we stay or go, what the repercussions for the UK’s Small Businesses might be?

Well, without wishing to cause offence to the Danes, to paraphrase one of their more famous marketing slogans: Probably not.

Seeking Clarity from the Confusion

Key word research for this article pinpointed the dilemma that many undecided voters in the UK might be facing over the referendum.

If you search single words, such as Brexit or look for monthly hits on the names of principle players in the debate, such as David Cameron, Boris Johnson or Nigel Farage, there appears to be a substantial amount of interest. However, those words don’t help us to identify what research or questions people might be asking, they merely identify an interest, (quite possibly, in the latter cases, not related to Brexit) we might reasonably have guessed at.

If you search for results for questions, such as “What is Brexit or “When is the EU referendum” a shockingly low amount of interest is indicated by the figures revealed. Try almost any other combination of relevant words and the results simply get more and more disappointing, almost as if people aren’t that interested at all.

It’s hard to be conclusive, but could it be that, possibly resultant from the blood and guts style battle going on between the two factions, with seemingly very little real concern about what the effect on the people of the UK might be, that the biggest civilian casualty in this war of words is continuing wide scale ignorance?

Do those in power really care about that – probably not.

A few pointers then…

The suggested short term threat of loss of jobs and loss of financial support for small businesses, following Brexit, is a key area of interest at Cooden Tax Consulting.

We offer advice to small businesses on how they may recoup costs, where expenditure can be shown to have been occasioned on Research and Development Projects and, as per recent articles on Micro-brewing and the effects on the soft drinks industry as a result of Mr Osbornes Sugar Tax, we seek to offer precise and salient advice that is relevant and will matter to entrepreneurs all across the UK.

Fact 1: A lot of the cash that is made available currently through R & D Tax Relief payments for innovation and exploration in industry and business ventures comes from the EU.

If you want to better understand the nature of Research and Development here, how the UK distributes this money and what the measurement of the value of Research and Development is in terms of the UK’s wider economy you could make a good start reading the 350 plus pages of the following document:

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/368808/bis-14-1179-united-kingdom-partnership-agreement-part-one.pdf

You would then be a lot better informed, but in presenting that option, understandably: a lot is being asked of the average man in the street, or indeed, of any small business owner, who will probably have more than enough on his plate keeping his business afloat and profitable.

Fact 2: Soundbites, which this article is deliberately not offering, are taken from publications such as that above and referral constantly made to other literature from various think-tanks, some more respected than others, in an effort to convince businesses to vote in or out at the referendum. Does referral to these massively complicated publications really help us? Or do we sigh deeply and prefer , feeling bamboozled and uncertain, to order another round, maybe of Carlsberg, maybe not – to soften the blows.

Fact 3: Cooden Tax Consulting has gained an in depth understanding of the detail because, as bedtime reading, to aid a restful night’s slumber, we have explored the nitty-gritty of such papers. Having done so, we are able to offer guidance to Small Businesses as specialists, with detailed knowledge of Research and Development Tax Relief. We can advise you, having looked at your particular project and identified the correct route for you to pursue an application for relief, whether or not the cash you hope to get back will come from the EU pot and whether, should we leave that institution, it is likely to still be available in the future.

You may, quite legitimately, ask how?

In the absence of a Crystal Ball, we have to apply some Common Sense

The one valuable and overwhelming message that shines from the pages of the document at the above link, is that funding research and development properly is a core element in building a strong economy.

It’s also true that the UK has a good reputation globally for undertaking new research and delivering innovative ideas for industry and business.

Consequently, were we to leave the EU and find ourselves a smaller fish in a bigger global pond, there is good reason to believe that the UK Government, of whatever political persuasion, would want to continue to fund R & D Tax Relief to the best of its ability.

That of course sets afloat a raft of questions about where the money would come from and who the potential winners and losers in the new economic landscape might be.

Pro campaigners will very likely tell you that the uncertainty is reason enough to stay in the EU. Voices urging us to leave might argue that our proven skillset in the world of R&D will offer us huge new opportunities to lead the world, free from the shackles of EU legislation and restrictions.

In short, it seems unlikely that R&D Tax Relief programmes would disappear following the vote on June 23^rd. However, just as it is becoming impossible to predict the result, in truth, it’s also impossible to say exactly how either outcome will affect R & D for small businesses.

Does that help you decide – probably not? If you want to be better informed you will have to take time to delve in to the detail.

However, Cooden Tax Consulting is here and will remain here, (as Sussex hasn’t yet launched its campaign for independence) to guide you to a better understanding of what you might be able to recoup. In so doing, we’ll help businesses, all across the UK, to continue to prosper.

The post BREXIT – Should we? Does anyone really know? appeared first on Cooden Tax Consulting.

The England football team’s superb display against Russia, in their opening game at the Euros, but lack of a win, provides a fascinating backdrop against which to examine an approach to business recovery for enterprises with a solid foundation, but which may be struggling to succeed in more demanding market conditions. If you look in the right place, opportunities may still exist.

Recognise both strengths and flaws

Your business – or your team – might possess a solid foundation, but are you ready to adapt to a tougher environment?

A business with proven historical results can sometimes be in danger of resting on its laurels when approaching new and more challenging market conditions. This can lead to an unexpected downturn in trade which has a nullifying effect on that all important lifeline for most enterprises: cash flow.

However, where research projects and/ or innovations may have contributed to the development of a business, examining the potential for Research & Development Tax Relief – against the costs incurred in such projects and combining this with a tailored recovery plan, can potentially result in improved cash flow, instilling new life in to an ailing business.

At the time of writing it’s perhaps pertinent to draw a parallel with England’s approach to the Euros. For those who may not be football fans, don’t despair: the relevance of the comparison will not be lost – which may be more than can be said for England’s chances of progressing in the competition, but that will depend on whether they can adapt appropriately to meet the new challenges ahead.

England went in to this competition riding high on a reasonably long series of recent victories, but none in a major competition, where the stakes are of course considerably higher and success that much harder to obtain. The team is awash with resources – talented players with pace, proven goal scoring abilities and strength in depth on the bench. Many players, however, are previously unexposed to this level of competition and it has been argued by some commentators that there are flaws in the defensive qualities of the team. It’s also worth noting that there is a school of thought that holds that the highly lucrative, very long and demanding domestic season leaves players, in more ways than one, sometimes less than best prepared for international duty. However, the manager and the nation has invested it’s faith in the team and there is reason to be hopeful.

But…On this new playing field, new tactics are needed

Are you convinced? Would you back England, on the basis of the above resume, to do well?

In their first match all the skill and pace referred to above was certainly on show and the team totally dominated their opponents, Russia, but gave up the lead in the final minutes, to finish with a highly unsatisfactory draw and increased worry – and not a little fear – going in to the next match against Wales. The situation for England has been made all the worse because a perhaps more determined and clinical Welsh side did win their opening match and so hold some advantage ahead of the clash later this week.

The purpose of this sporting review is that we can draw on it to examine a situation, which frequently occurs, where a once successful business venture, making money in an environment in which no great pressures were brought to bear, may find itself struggling during more demanding times and increasingly at the mercy of external forces. The resources within the business may be deemed to be of good quality and have proven efficient and productive in the past, but for a variety of reasons, seem less able to cope in an unfamiliar environment and are failing to generate the cash flow or the contracts that they once did.

It’s not rocket science – it’s about applying new tactics successfully                                                                      

Scoring more goals will ultimately improve England’s lot and, equally, an improved Cash Flow is paramount to a business recovery.

Continuing to draw a comparison: in the same way that a previously developed, tired and tested, innovative, better focused and hungrier attitude to scoring goals might be needed to win games, so examining past business innovations to discover new opportunities to recoup monies that, in turn, provide much needed cash flow to assist an ailing business, is very well worth the effort; in particularly if you’ve not done it before and especially with our expertise to guide you.

It’s vital to hold on to assets or equipment that underpin the business and enable it to exist in the market – we could call that, if you like, the defence and midfield of an enterprise. What we are concerned with most though is the attack – scoring goals or getting cash in to the business; winning games or contracts and – moving forward!

Recovery is the name of the game – analyse, revive and innovate.

England are still in the mix and it’s important to define that what’s being addressed here is not a business that’s completely done for.

Cooden Tax Consulting specialises in assisting businesses to make applications for Research and Development Tax Relief. We are currently examining working with Business Recovery Specialists to see how a combination of R&D Tax Relief, improved asset management and sound business planning, that is tailored to the prevailing market conditions, can assist a struggling business to get back on its feet.

This isn’t about what’s sometime referred to as a Phoenix Project, where the old business is dissected, re-established and re-launched with a new name and probably new managers and neither are we looking here at a Pre-Pack liquidation exercise where we make the best of a bad job and try to get as much money out before the whole business goes under.

Recovery is the name of the game and Cooden Tax Consulting is looking to talk to businesses that may be suffering, but who have previously funded research and innovation in their sector and hence, there may be opportunities to be explored in the field of Research and Development Tax Relief. The potential result is that we can genuinely assist to resurrect the original business and see it succeed.

On that note Mr Hodgson

A final piece of advice, if I may…

Understand where your liabilities lie, but maximise the opportunity on offer by deploying those previously unknown assets developed during the domestic season and which will help the team to now focus on the desired result. Challenge others in your market place (the pitch) on terms they might struggle to compete with. After all, as one of the great Brazilian captains back in the day used to say – we don’t care if you score three against us, we’ll just score four. Goals are what it’s all about Roy…

Get Vardy on the pitch!

The post Innovation is often vital – are you listening Roy? appeared first on Cooden Tax Consulting.

We think it could be stand A170 for the most unusual, fascinating and record breaking attraction … so make sure you visit during 11 and 12 May at the London Excel. (OK, hands up, we’ll admit that stand A170 is our Cooden Tax Consulting stand, but it’s not us that is the attraction!)

We are delighted to announce that we will have the British record holding, electric drag-racing motorbike on our stand for you to admire! Its record is 96.53mph.

You could WIN 2 VIP tickets to see the British

Fast Charge Team prepare for their world record!

(You only have to drop in your business card – it couldn’t be easier to be in with a chance to win.)

Yes, world record! A longer, 4.5 metre, radically new prototype British electric bike (it is too big to go on our stand!) is soon to be in a drag race looking to steal the current World Record from an American Bike!

Quiz the Innovator

If you visit us on stand A170 at Accountex on Thursday 12 May you will also have a chance to quiz Phil Edwards, who owns Weald Technology, the company that has developed both these bikes (www.weald-tech.co.uk).

Phil said “we love engineering and exploring innovation in science and technology.  We come from a world of process control and lean manufacturing, so we want to provide smart solutions that are reliable and repeatable. We are keen to push the boundaries of sustainable electric vehicle technology and inspire children.”

Phil is part of the Fast Charge project (www.fast-charge.org) that is putting the world record breaking team together. The aim is a quarter of a mile in 6 seconds, reaching 200 miles per hour with one thousand horsepower and zero emissions! This is a Great British project to inspire the next generation of scientists and engineers. Phil and the team are always on the look out for sponsors and have the potential to offer some great deals, if you are interested you can find out more on the website.

Why the Electric Bike?

We work with innovative companies, so we wanted something ground-breaking and interesting on our stand to entertain you all. We were lucky enough to find something fantastic close to our base in East Sussex.

We help science and technology businesses, like Weald Technology, who are also one of our newer clients, to save thousands with Research and Development Tax Relief. We do this by working with Directors of innovative companies directly, or via referrals and white label services for Accountants, Solicitors and Patent Attorneys.

The good news is that it’s not just creative, technological and manufacturing companies that are eligible for R&D tax relief. We have helped brewing, engineering and insurance companies too. They’ve saved between £3k and £300k. Not to be sniffed at!

We have special discounts for our services for Accountex visitors too… So whether you love bikes, innovation or saving money, you’ll be glad you visited Stand A170.

We can’t wait to see you there!

The post The most interesting stand at Accountex 2016 is… appeared first on Cooden Tax Consulting.

It’s a huge show that is well worth a visit with 200 exhibitors, keynote speakers and workshops in 13 theatres and 169 CPD certified seminars! If you register now you can get free tickets.

We’ll be there on stand A170… with some special Accountex offers for R&D Tax Relief services for all serious forward-thinking accountants, professional advisors and business Directors.

PLUS we have a very special display, visitor and prize draw on our stand too. (Clue: sporting British Record Holder!). More will be revealed soon!

Accountex Special Deals

There is a deal specifically for professional advisors (Accountants, Solicitors and Patent Attorneys) and another for businesses using our services directly.

Referrals from Professional Advisors 

If you are a professional advisory firm you can refer clients to us or we can conduct our work as a white label service for you. Here’s the deal:

30% referral fee (or 70% white label fee) for any new referrer signing up before 12 June 2016, for each client referred to us before 31 December 2016 and for that client’s first R&D Tax Relief Claim.

Subsequent referrals will be at our standard 20% fee.

New direct business clients

Many creative, technological and manufacturing companies are eligible. But we have also helped firms in the Brewing, Engineering and Insurance sectors to claim this significant tax relief. Recent claims range from £3k to over £300k.

18% of tax savings “no claim, no fee” for any new client signing up before 12 June 2016. Standard fees are 25% for first £50k of tax savings and 20% on anything over £50k.

Here’s what a couple of our SME clients said:

“We saved £35k for activities we had not realised were eligible for R&D tax relief.”

Stephen Bull – Finance Director, Barth-Haas UK Ltd (Hops and Brewing Industry)

“Simon understood our complex business quickly and saved us £150k in tax.”

Patricia Tomkins – Director, Photonic Science Limited (High Tech Manufacturer)

So why not visit us to discuss what R&D tax relief savings could be available on a no claim, no fee basis? It seems like a no-brainer if you or your clients are engaged in R&D doesn’t it? Our help has saved companies between £3k and £300k. You can read more reasons why we might be the right choice for your partner for R&D tax relief in this first blog about Accountex.

Just think….. who will be THE most talked about accountant (for all the right reasons) if you help your clients keep this cash in their business?!

We look forward to seeing you at Accountex on 11 and 12 May.

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Thanks to the opportunities now available to submit applications for Research & Development Tax Relief, brewers of craft beers may well find that, whilst we enjoy their bitter, they can derive a sweet reward for their endeavours.

Craft Beers can offer great new tastes; sometimes created from the most unexpected resource and sometimes developed from traditional recipes to produce fresh, new brews that appeal to modern tastes.

Either way, an entrepreneurial brewer could now get an unexpected bonus for his efforts, from the Chancellor.

Cooden Tax Consulting specialises in offering Tax advice to a broad range of businesses, including those in the Brewing Industry, on how to go about applying for a rebate from the Tax man, against costs connected to research and development projects.

Traditional Hops for a new Craft Beer help Brewer move forward in leaps and bounds…

We’ve recently discussed this opportunity with Craft Beer World, focusing on how the R&D Tax Relief criteria might be applied to both brewers of craft beers, and to the industry’s bigger players, trying to get new flavours in to their products via experimentation with hop combinations and brewing techniques.

From The Charles Wells Brewery in Bedford comes a wonderful example of precisely the sort of project that could qualify for R&D Tax Relief. Master Brewer Chris Read explained, firstly, the research he undertook in preparation for a new IPA offering, spending:

“…a lot of time researching brewing archives, looking for traditional malt and hop recipes and working out how best to evolve them for modern tastes”

and, secondly, the development work undertaken with those providing the raw ingredients:

“Working with our hops suppliers, I arrived at a blend of Galaxy, Simcoe and Goldings Hops, alongside various lighter malts, to create a traditionally bitter and hoppy IPA with a soft, modern, tropical flavour” *

Whether or not Charles Wells have as yet examined the opportunity, this approach encapsulates the kind of work that could qualify for R&D tax relief, but others have gone even further and, where R&D projects in Brewing may additionally involve the recycling of otherwise wasted foodstuffs, there’s potentially a double diamond to be found in the rough.

Bread Beer on the rise

Brewing is a competitive industry which constantly has to address the public’s thirst for new flavours and products. In an environment like this opportunities to research raw ingredients and try out new production methods and taste combinations are almost inexhaustible. Sometimes, something unexpected emerges…

Friday Night Feast, Channel 4’s current exploration in to the offbeat and less well known culinary world, hosted by foodies and passionate environmentalists Jamie Oliver and Jimmy Doherty, recently aired the duo’s investigation in to Toast Ale, brewed by Tristam Stuart and Jon Swain at The Hackney Brewery.

Having come across the idea in Belgium, Hackney Brewery sources left over, fresh bread from artisan bakeries, then slices, toasts and mashes it, adding the breadcrumbs to malted barley, a mixture of hops, yeast and water.

Profits from the sale of the ale, which is stocked in a number of different outlets in the UK, go to “Feedback” an environmental organisation that campaigns to end food waste.

Thus, the Hackney Brewery has more than one reason to examine recouping some of their costs via an application for Research and Development Tax Relief and we, whilst enjoying their ale, can toast our small contribution to a very good cause. **

Fermenting a Cider Revolution

Craft ciders are no longer limited to fermenting the humble apple or pear, although blending different varieties of those fruits remains an exciting challenge, but also includes production of a host of lip-smacking and tantalising brews, such as ciders made from blood oranges, elderflowers or even kiwi and lime. ***

All can be bottled in different styles, depending, among other things, on whether the fruit is subjected to a first or second fermentation.

A registered small business, incurring costs associated with such experimentation, may very well be able to recover some of those costs via R&D Tax Relief.

Advice on tap…

At Cooden Tax Consulting we feel it’s time to roll out the barrel and ensure that inventive brewers, creating craft beers like those described above, for everyone’s enjoyment, have an opportunity to drink their full at the Tax man’s well. Which business owner wouldn’t raise a glass to that?

Applying for Research & Development Tax Relief isn’t straightforward, but tap in to our expertise and you won’t be left high and dry.

Cooden Tax Consulting is a Niche Tax Consultancy specialising in R&D Tax Relief. We offer a free no obligation consultation to determine whether any projects might be eligible, to explain our services in more detail and discover how our expertise can best serve your business. Please call us on 01424 225345 and ask to speak to Simon or e-mail simon@coodentaxconsulting.co.uk

For further reading, here are links to all the sources quoted in this article:

*http://www.offlicencenews.co.uk/news/fullstory.php/aid/15476/Charlie_Wells_Triple_Hopped_IPA_launching_at_Craft_Beer_Rising.html

** http://www.toastale.com/

*** http://www.lifehacker.co.uk/2015/06/23/best-vs-the-rest-the-uks-best-fruit-ciders-for-summer-2015

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Why Randy? Well firstly the name is unisex, secondly Randy (ran-dee) is a play on words for Research and Development or R&D (Ar-and-dee).

In this series of images our androgynous Randy is either an owner of, an employee of, or an advisor to a business that could benefit from the UK Government’s extremely lucrative but significantly under-claimed Research and Development Tax Credits. What I have tried to demonstrate is the extent to which claims can be made by highlighting significant areas where R&D Tax Relief is often overlooked, normally as a result of a lack of knowledge of its application. We also look at ways business advisors can add value to their client relationships by bringing in an expert advisor to help a company maximise its claim.

1 – As a business owner Randy recognises that the work being performed in Randy’s company could benefit from Research & Development Tax Relief, Randy turns to Cooden Tax Consulting for advice and support and is delighted that the average claim for Research and Development Tax Relief is £50,000.

2 – Randy works for a business that builds things, this could be in Construction or Manufacturing industries, sometimes it is the Technical Director that is the driver to claim and Randy has a chat with the Business Owner telling him all about how the company could benefit from a claim for R&D Tax Relief.

3 – Randy owns a business that develops software for a large international business, even though Randy’s company has been paid to perform the R&D, because the rules prevent both a large and an international business from claiming for subcontracted R&D, Randy’s company can claim the Tax Relief using the Research and Development Expenditure Credit (RDEC). There are also examples of where a company may be able to claim under the SME scheme, it all depends on what the contract says.

4- Randy’s company does “science stuff”, it is all they do, many companies involved in science related activity fall into the common trap of “it’s what we do for our day jobs, it’s not really Research and Development” this is probably one of the most common reasons given for not claiming, but it doesn’t prevent you from claiming indeed if it is what you do, your business could have been throwing away £000’s.It’s not the end of the world though, if you want to #BeLikeRandy you can still claim for your previous two financial years.

5 – Randy has quit a high-flying job as a techpreneur on the Silicon Roundabout and is now focusing on another passion, BEER. As a craft brewer Randy is always experimenting with new flavours and how they might work in a beer, Randy used to claim R&D Tax Relief for the Tech business but now wants to know if a brewing business can make a claim, so Randy talks to Cooden Tax Consulting to find out whether its possible, they provide some very insightful ideas and a few months later the new brew makes everyone happy, not least because it tastes great after all of the experimentation, but also because Randy claimed R&D Tax Relief and can reduce the price of the first barrel!

6 – Randy is an accountant, Randy has a varied client base including a number of limited companies, Randy knows that a limited company can claim for R&D Tax Relief when it is trying to make a global advance in Science or Technology through the resolution of scientific or technological uncertainty, what Randy doesn’t know in practical terms is how this manifests itself within a client’s business, Randy recognises that the core strengths of being an accountant lie in the day to day compliance services that Randy’s clients rely on but significant value can still be added by bringing in an external expert to help clients to maximise their claims. Both Randy and Randy’s clients are very happy with the outcome when they receive a referral fee and a tax refund respectively.

7 – Randy finishes the various incarnations as a Business Coach advising clients on such things as Sales and Marketing, Business Strategy, Leadership and Management, but as a great business coach Randy understands that no-one has the capacity to know everything, therefore, Randy has teamed up with Cooden Tax Consulting to offer clients access to advice about Research and Development Tax Relief, sometimes Randy asks Managing Director Simon Bulteel if he would come and spend 10 minutes at a group training meeting to talk about how R&D Tax Relief could benefit businesses.

Thanks for reading, you can track Randy’s progress by either visiting our website coodentaxconsulting.artemisdevserver.com or by following us on Twitter and Facebook and of course follow the hashtag #BeLikeRandy.

The post 7 Reasons why you should #BeLikeRandy for Research & Development Tax Credits appeared first on Cooden Tax Consulting.

Every now and again the Government makes available a pot of money targeted at niche industries where they feel British companies can make an impact on a global stage as a result of their scientific specialisms.

It just so happens that such a pot of money is available to a number of companies that operate in the niche Photonics Industry which has a large pocket of hi-tec companies based here in Sussex.

The bulk of the detail can be found here https://www.gov.uk/government/news/innovation-in-key-technologies-apply-for-business-funding applications for funding are open from 18th January and close on 9th March.

• projects must be led by a small or micro business working either alone or with one other small or micro business
• total project costs to be no more than £33,000 and for projects to last up to 4 months
• businesses could receive up to 70% of their project costs
• a briefing event for potential applicants will take place in London on 26 January 2016, and there will be additional events in Edinburgh and Manchester

Whilst grant funding reduces the amount of R&D Tax Relief that you might be able to obtain, by reducing it from a potential 33.33% for an R&D Tax Credits claim under the SME scheme down to just 8.8% under the RDEC scheme for large companies, subcontracted or funded Research and Development it is still very worthwhile applying for the funding and claiming R&D Tax Relief as an added bonus, especially as up to 70% of the costs will be funded.

Many companies are unaware that they can claim R&D Tax Relief for grant funded Research and Development as well as be in receipt of the grant.

If your company or one of your clients has had a grant funded Research and Development Project in the last three years that has a scientific or technological aspect to it, contact us today to make sure that they maximise their claim for R&D Tax Relief.

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