Business News ADVERTISEMENT FEATURE
Servaclean’s FOLDABar system – pictured at the West Park Hotel in Harrogate
Rebuilding Yorkshire with R&D Tax Relief
fantastic opportunity for SMEs to kickstart with a cash injection. Access2Funding have proven that throughout lockdown, the difficulties of working from home have not affected their ability to provide fast and reliable service. They have secured over £5.5m for businesses since lockdown was implemented, even turning claims around in as little as 24 hours, highlighting the dedication to helping SMEs get back on track after arguably the most unprecedented year in recent history. Sheffield Chamber members Access2Funding
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are experts in providing funding solutions through HMRC’s Research & Development (R&D) Tax Credits Scheme. The initiative has been in place since 2000, and it rewards SMEs for creativity and innovation in the UK. Access2Funding have discovered that companies often don’t realise the amount of advancements they undertake, classing it as “just part of the job”, however that’s often where the strongest R&D lies – under the guise of modesty. HMRC published figures that highlighted over
£2.1bn had been claimed by companies throughout England, however only 7% of that figure was claimed by companies in Yorkshire and Humber combined. One of Access2Funding’s longstanding clients is Servaclean, a company based in Yorkshire that provide purpose- designed stainless-steel bar equipment, have received £89,968.47 to date through R&D Tax Relief. As a company who largely works alongside
those in the hospitality industry, the closing of pubs and restaurants had understandably influenced their cash flow and forced them to place some of their staff on furlough.
ith the impact of COVID-19 throughout the UK, Research & Development Tax Credits could be a
However, Servaclean have used this time to further develop their mobile and portable bar systems ultimately making it easier to maintain social distancing as well as giving their clients the opportunity to open in a safer and more effective manner. Another example of their creativity is the original development of their unique GLASShelf product in 1989 and has been further endorsed in June 2020 as the most hygienic glass storage unit on the market.
“The initial half an hour meeting with Access2Funding three years ago was one of the best half hour meetings of that year. They opened my eyes up to the continual product development and ongoing improvements that Servaclean are working on all the time.”
Director, Deana Roberts.
Servaclean have been able to invest this money back into the business in a variety of ways, such as hiring new staff, buying new machinery and investing in new materials to experiment with whilst developing new products, or improving upon their existing products, ultimately providing them with more financial security. Access2Funding were also able to assist
Servaclean in completing a successful claim for Embedded Capital Allowances, another scheme from HMRC that provides tax breaks for SMEs
Microbiological tests show ‘GLASShelf’ to be the most hygienic method of storing glassware available
who own the building in which they operate. Rapid organic expansion has allowed
Access2Funding to introduce tax specialists throughout the UK, particularly in Yorkshire and the North of England. Their highly experienced team have developed a keen eye for identifying companies with potential to claim R&D tax credits, and according to HMRC’s latest findings, Yorkshire is only set to benefit from their entrance into the county. Access2Funding have identified the massive potential that lies throughout Yorkshire in a huge range of different industries, such as restaurants, construction, software and manufacturing, and to date have claimed over £3.1m back for Yorkshire SMEs. With HMRC currently paying 95% of R&D
claims within six weeks of submission, now is the time to explore the potential for R&D Tax Credits in your business, as Deana continues “I thought the claim process seemed too time consuming before I met with Access2Funding. It’s such a small amount of time invested for such substantial returns, I really recommend other businesses talk to them”.
Get in touch with Benjamin Sayer, their Business Development Executive in Yorkshire on 0333 990 0125
b.sayer@
access2funding.co.uk, or at their website
www.Access2Funding.co.uk
Summer 2020 CHAMBERconnect 11
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