INNOVATION: Goodchild Marine Services’ busy boatyard in Great Yarmouth which received funding under the Research & Development Tax Relief Scheme

 

A boat builder in East Anglia landed a financial windfall thanks to a government scheme aimed at boosting innovation in industry.

Goodchild Marine Services Ltd, which is based next to the River Waveney in Great Yarmouth, specialises in building leisure and commercial craft.

The firm, which has been trading for almost 40 years, also repairs, designs and refits vessels at its busy headquarters.

Goodchild Marine Services prides itself on the fact it uses the latest industry solutions and techniques which means it was able to claim for funding under the Government’s Research & Development Tax Relief Scheme.

Any limited company that has invested in R&D and is liable for corporation tax on profits can apply to the HMRC.

It is estimated that 90 per cent of small to medium enterprises (SMEs) eligible for tax relief have still not applied even though the average successful claim is £61,000.

The process is relatively straightforward and thousands of businesses across the country are losing out on the funding.

RESEARCH & DEVELOPMENT: Goodchild Marine Services benefitted under the Government scheme

Sue Goodchild, a director of Goodchild Marine Services, explained that she didn’t realise that her business could claim the tax relief on research that had been carried out in the past.

She said: “As a company we thought that R&D claims were in effect needed to be considered prior to commencing the work, and it seemed without having looked into it to be onerous on the company to provide the necessary information.

“GovGrant’s service was good and effortless – we were supported by an extremely efficient and able technical analyst, who asked the relevant questions and listed the paperwork backup she required.”

GovGrant specialises in helping and supporting businesses through the process and is the leading firm in the field. GovGrant can also help firms put together applications for funding for work that has been carried out in the past.

The St Albans-based company has a team of experts which spend time with every client to give them the best possible service.

GovGrant’s chief commercial officer, Luke Hamm, said: “As the UK specialist in R&D tax relief, we have a team of industry experts who spend time with our customers, such as Goodchild Marine, to ensure they get the best service possible.

“We have industry and technical experts that cover every sector, they spend time with firms and talk their language. They walk the floors and get to know the business so they can identify what they have done to develop products or where they have adopted approach.

“In our experience 95 per cent of the companies we have met have qualified for the scheme so there really is nothing to lose.”

He added: “Even if a company has made a claim in the past there is a good chance that we will be able to improve on it. On average we have increased existing claims by 200 per cent. GovGrant is proud of its record when it comes to the work it does for its customers.”

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Last Updated ( Monday, 27 November 2017 )