With four claims in six years, a tooling company has received over £189,000 in R&D tax credits with the latest Reality Cheque for over £77,000. The company has earned prolific clients such as Rolls Royce and are expanding to the USA and Canada with sales visits to Singapore.
Significant investment has been made in machinery. For example, the company have procured a large, vertical borer machine tool to provide tooling and products up to 1.5m long and 1.5m diameter. The company has also invested in a semi-automatic lathe using Computer Numeric Control (CNC) to provide greater capability and efficiency to mould protection.
Research and development has enabled the company to grow and allow its customers’ processes more efficient where coatings need to be applied to specified areas of components. To promote continuous improvement, the company seeks greater employee involvement and has recently introduced a profit sharing scheme for staff.
R&D is mostly undertaken for customers in the aerospace industry which requires complex, bespoke solutions. The activities necessary for achieving these solutions and pushing innovation qualify for R&D tax credits.