Joanna Edwards | Edwards Diving Services Limited, Caerphilly
Edwards Diving Services regularly invest in projects that make advancements in technology, but were unaware of the tax credit that could give them an uplift of up to 130% on their eligible expenditure. After being advised by Green & Co, they made a back-dated claim and continue to take advantage of the relief today.
Edwards Diving Services Take Advantage of Little-Known Tax Credit with Green & Co
About Edwards Diving Services
Established in 1992, Edwards Diving Services Ltd is an experienced, multi-disciplined marine and civil engineering contractor. Utilising a diverse range of equipment and specialist expertise, they offer a unique solution to any water-based challenge. The company is run by husband and wife duo, Paul and Joanna Edwards.
Problem
Missing out on Unfamiliar Tax Credit Due to the unique and high-risk nature of their work, Joanna and Paul regularly invest resources in the research of projects geared towards innovation. However, until they had a conversation with Green & Co partner Nick Park, they were unaware that they were missing out on a reward in the form of Research and Development (R&D) tax relief.
Solution
Following discussions with Nick, Joanna and Paul highlighted several areas where they had invested in projects with an element of risk and technical uncertainty. They were informed that the rules surrounding the relief meant they were able to back date their claim 2 years.
Results
Tax Credit allows Business to Continually Reinvest helped by Green & Co By reviewing their workload and setting up a procedure to monitor resources spent on eligible projects, Edwards Diving Services have received additional relief of just under £200,000 against taxable profits, reducing their tax bill by almost £40,000 between 2012 and 2018.
R & D monitoring now forms part of their routine management system, and this allows them to reinvest in the business on a consistent basis.
Without Green & Co’s advice and helpful support, we would not have understood or qualified for R&D.
“As a specialist engineering company, our work is niche and doesn’t always fit the predefined categories or descriptions that HMRC use. By developing an understanding of our business and working closely with our Project Manager, Green & Co was able to submit a compliant and successful R&D tax relief submission, which was a fantastic result. Without Green & Co’s advice and helpful support, we would not have understood or qualified for R&D.”
We’re absolutely delighted with the services Green & Co has provided for us; it really helps us work as a more informed and integrated business.
“We didn’t really appreciate what R & D was that, a lot of what we do can be classed as R & D, but when Green & Co came along, they enabled us to understand which parts of our business would be suitable for the R & D claims”
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