A team that’s won multiple awards for engineering and innovation, and is building a world-record challenging electric motorcycle, seems an obvious candidate to claim Research and Development Tax Relief, but it wasn’t until Phil Edwards, Project Director for ‘Fast Charge’, met Simon Bulteel of Cooden Tax Consultants that he realised how valuable this could be.
Phil is Managing Director of Weald Technology from Uckfield, East Sussex, and has spent four years on design and fund-raising to get this showcase for world-class British engineering underway. Having secured a grant from Innovate UK the team are now in the process of building the motorcycle.
Phil told us “I’ve heard a lot about R&D Tax Relief but knew, particularly as we are partly grant-funded and also part of a consortium, that it wasn’t as straightforward as some may suggest. I knew it was worth claiming but wanted to make sure that the process would go smoothly and that we were claiming all that we are entitled to”.
Whilst wondering what to do about it, Phil ‘met’ Simon Bulteel from Cooden Tax Consultants when they both participated on #SussexHour on Twitter.
Phil added “We exchanged a couple of messages. When I realised that Simon, an accountant by training, had worked for motorsport and other high technology companies, he was clearly someone who would both understand what we were doing, and guide us through the process”.
|Phil Edwards and Simon Cooden meet at the Kent Manufacturing Expo, October 2015|
The two companies teamed up in late 2015 and Simon commented “I’d been engaging Phil on #SussexHour on Twitter for a while and I was delighted when he suggested we should meet up for a chat. His Fast Charge project is the perfect example of how innovation can be rewarded with Research and Development Tax Relief.”
He added “When we met up it became clear that Phil has a number of projects on the go and our work with him will be a case of interpreting which work on which project will be eligible for which strand of R&D Tax Relief. Whilst the Tax Relief is extremely generous (for a loss making company doing their own R&D it can be up to 33.35% of the initial spend), it can also be extremely complex to understand how the rules can and should be applied. By choosing to work with a specialist, Phil will be accessing detailed technical advice, a very robust claim and hopefully a significant tax refund.”
Note to Editors
Weald Technology Ltd, based in Uckfield, East Sussex, is leading the ‘Fast Charge’ project. They have been involved in low carbon and sustainable transport engineering for a number of years, winning multiple awards for innovation. For further information about Weald Technology please call Phil Edwards on 01825 761890, 07737 665061 or email firstname.lastname@example.org
Fast Charge is a 1,000hp electric motorcycle capable of speeds in excess of 200mph in just a few seconds, and is supported by the UK governments’ innovation agency, Innovate UK. The project, as well as aiming to capture a world record for electric vehicles, is being used to encourage the next generation of school leavers to consider taking up Science and Engineering careers. The project website is at www.fast-charge.org. Contact Phil Edwards on 01825 761890
Cooden Tax Consultants, based in Bexhill-on-Sea, East Sussex, is a specialist tax consultant. They work with innovative SME’s to identify their eligible projects and then to claim Research and Development Tax Relief, Patent Box and Video Games Tax Relief. For further information, visit their website www.coodentaxconsulting.co.uk, contact Simon Bulteel on 01424 225345, or email email@example.com