A leading Midlands accountancy firm has unlocked vital tax relief funds that have helped a Leicester-based food service equipment manufacturer to further advance its world-renowned research and innovation practices.
Prime Accountants Group, which has offices in Birmingham, Solihull and Coventry, assisted long-standing client, The Alan Nuttall Partnership, in claiming Research and Development (R&D) tax reliefs resulting in a 230 per cent uplift in innovation funds.
In addition to the crucial R&D tax claim, Claire Lea, director and head of advisory tax at Prime Accountants Group, also helped the business claim 10 per cent corporation tax reliefs via the government’s patent box. This initiative allows companies to apply a lower rate of corporation tax to profits earned from its patented inventions.
Flexeserve Zone, which has been honoured with the Queen’s Award for Enterprise: Innovation 2022, is the world-leading range of heated displays, and the only one capable of hot-holding food-to-go products with different temperature requirements at the same time.
Darren Emms, financial director of The Alan Nuttall Partnership, said: “Innovation is central to the ethos of our firm and we are proud to have designed and developed unique, industry-leading products that have transformed how our customers serve and sell hot food – Circle K, Amazon Go, Pret, M&S and Greggs, to name a few.
“All the funds we receive through tax rebates, such as corporation tax relief and R&D claims, are directly invested back into the business and help bring our innovative ideas to life.
“This was true prior to the launch of Flexeserve Zone and during the process of us securing the patent for the product. Prime’s support was invaluable and really helped with meeting all legalities efficiently and on time.”
Darren credited the Prime team for its endless support and “always-on” approach, which helped finalise the technical reports and financial documents needed to secure the funds on time.
He added: “As the world’s number one hot-holding unit, Flexeserve Zone has performed extremely well and made a considerable impact on the landscape of food-to-go – fundamentally advancing the hot food operations of many of Flexeserve’s customers.”
Commenting on the process, Claire said: “The Alan Nuttall Partnership has been a valued client of ours for more than three decades and we feel both privileged and honoured to have been a part of their journey for so long – and now a part of this world-class product.
“Flexeserve’s products are second to none, with quality and innovation at their core. We are proud to have assisted with securing funds that will help the business continue to advance its pioneering research and innovation for the benefit of customers, new markets and new territories.”