Oldland Consulting Ltd
Oldland Consulting specialises in obtaining Corporation Tax Refunds or Tax Credits under the EU backed Research and Development Tax Credit Scheme. Utilising our specialist knowledge, we manage the claim process to obtain for your company, the maximum benefit due under the HMRC administered R & D Tax Credit scheme
The scheme is designed to encourage and reward companies who invest in scientific or technological innovation. Therefore, if your company is or have been involved in; designing or developing new processes, new products or new software in the past two/three years, which you feel are technologically innovative, then almost certainly we can help
Research and development is one of the key drivers for productivity growth. High levels of R & D, support strong and stable growth. The Government’s target is to raise the level of R & D investment in the UK as a whole to 2.5% of GDP by 2014.
The aim of the Research and Development Tax Credits scheme is to encourage greater investment in innovation in the UK.
The R & D Tax Credit scheme was introduced in 2000 for SME‘s and 2004 for larger companies. The SME scheme was enhanced from 1st August 2008 and the Large company scheme from the 1st April 2008. The scheme allows qualifying Research and Development costs to be enhanced for company tax computation purposes.
To qualify; R & D must be part of a project or planned objective, it must seek to increase the overall stock of knowledge or capability in a particular field, it must seek to resolve scientific or system uncertainty. The caveat that must be borne in mind when reading this paragraph is "within your business". R & D includes gaining knowledge that already exists elsewhere, but which is "trade secret" and therefore unavailable to your business, therefore to gain it, you must re-invent it.
From 1st August 2008 the definition of a Large company was doubled to have 500 or more employees with either turnover at €100million or more or a balance sheet totalling €86million or more
Oldland Consulting has produced 275 R&D tax credit claims totalling in excess of £10.5m, the average first claim is in excess of £38,000.
David Oldland is a member of the Research and Development Society.
Before forming Oldland Consulting in 2007, David was a successful senior executive in the Travel Industry:
Subsidiary Company Managing Director: Thomson Travel Group
Director: Holiday Cottage Group
Managing Director: Something Special Holiday Group
Various Finance Director / Financial Controller roles
David understand’s how modern business functions and has become an expert of the Research and Development Tax Credit Scheme.
David also appreciates that the Directors & Managers of SME’s have particular constraints regarding time and resources, therefore our approach takes this factor into account.
David understands that for today’s business to succeed, it must continually reinvent its product range, improve its manufactoring processes and upgrade its system software - whereas change was something that happened every five or ten years, it now is a constant feature of business management.
Oldland Consulting client relationships often start with a referral from another contented Oldland Consulting client.
The relationship will usually commence with a telephone conversation, where we explore in overview claim potential and check out a few basics. For example is the claim under the SME rules or is it a Large Company claim.
We will follow up with an initial meeting, at the commencement of which we sign a Non Disclosure Agreement (Confidentiality Agreement) to protect your trade secrets. At this meeting we gather some basic numbers (Financial Statements for example) and explore the R & D process in more detail. At the end of the meeting, assuming both parties are happy, we would sign a consultancy agreement for us to undertake the Research and Development Tax Credit work on your company‘s behalf. We would leave a short list of further numbers that we require (not too onerous for your book-keeper or accountant).
Following the receipt of the requested numbers package, we would calculate the claim potential and arrange a further and usually final visit to explore in detail the R & D that as taken place within the business. We go away, write up the claim and present this to HMRC on your behalf or via your own accountants. Keeping you informed of progress along the way
Our fee structure is success based - We work solely on a No Win No Fee basis; there are no upfront fees or charges.
Following the receipt of the requested numbers package, we calculate the claim potential and arrange a further and usually final visit to explore in detail the R & D that has taken place within the business. We go away, write up the claim and present this to HMRC on your behalf or via your own accountants. Keeping you informed of progress along the way.
Increasingly, it is accounting firms that contact us on behalf of their clients, having identified that Research and Development Tax Credit claims are a specialist area that requires technical expertise in addition to tax and accounting knowledge.