Monad Solutions received double the amount of R&D tax credits expected when randd completed the required forms in a rapid two days to beat the close of the financial tax year.
The £36,500 randd secured has enabled Monad Solutions to set up a dedicated Research and Development department which in turn has provided a point of differentiation against the competition and enabled the production of innovative and bespoke solutions.
Monad Solutions is a specialist IT consultancy that provides consultancy to Oracle customers globally.
Going beyond guidance
Monad Solutions was aware of R&D tax credits prior to working with randd, and had received advice from an accountancy firm in the past. However, although they received guidance Monad Solutions was still required to complete the relevant application forms themselves – this was more time-consuming and complex than expected and made outside help essential.
By chance, the initial meeting, which took just two hours of business time, was held two days before the end of the financial tax year and randd highlighted that there was an opportunity to claim R&D tax credits for two financial years – preceding and current – and worked fast to meet the deadline for claiming the preceding year.
This extra effort from randd secured £36,500 of R&D tax credits for the two year period, double the amount expected.
Investing in a dedicated R&D team
Monad Solutions utilised the additional money to create a dedicated team focused on research and development. This team has become a significant part of the organisation, acting as a key differentiator with clients. This investment provided Monad Solutions with an excellent platform for growth, with their team expanding from 15 employees in 2012 to 47 employees in 2014.