Last Man Stands
- Tax Efficiency
Matt from Weston Financial contacted me about claiming R&D tax credits. I was very sceptical as I didn’t think my sports company, Last Man Stands (www.lastmanstands.com) which has over 100,000 active players, was going to be eligible, however once he explained that all we needed to do was to prove that we were operating outside the industry norm, I decided to go ahead; as it was on a no-win, no-fee basis, I had nothing to lose. I was also worried about disclosing company information, but after signing the initial non-disclosure agreement at the first meeting, I felt more comfortable.
It then dawned on me that the App that we purposely built for the company was eligible, so I began investigating how much was spent and if I could prove these costs. After a few meetings, we were able able to identify the staffing costs building the App and website.
After all the meetings and the submission of the 30 page report to HMRC, I must admit, I was still not convinced that I would receive any money. I was also wondering why HMRC would give this money away. I subsequently found out that the Government do this, because they want to encourage businesses to innovate and grow, which ultimately results in increased tax revenue, employment and economic growth.
Having said that, at that stage, I did not mind if I received any money, as the whole experience made me learn more about my own business, as I had become detached from it due to other responsibilities.
After 5 weeks, my accountant informed me that the claim had been successful and that we got the full £31,357 that we claimed! It couldn’t have come at a more perfect time as my business had been severely affected by the pandemic.
Even more gratifying, is that they will make this claim for me every year. I now know that I can invest in my business, knowing that I will get some of it back from the HMRC.
Although reviews often seemed made up, this one is not. I am genuinely grateful to Weston Financial and feel that this is the start of a long lasting relationship.
Thanks Matt, I almost consider you a friend now!