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“Not providing my information on time cost my business over £140k” Business owner urges others not to make same mistake

Posted on October 20, 2020

We are fortunate enough to work with innovative businesses all over the UK. Many of these businesses remain unaware of the government’s R&D tax credit scheme and the relief available to them. Those that are aware of the scheme often fail to realise just how beneficial the scheme can be and therefore don’t allow time for it.

This was the case for Cheryl, the owner of a bespoke software development company based in Suffolk. Following an initial consultation with Cheryl, we identified that her business was due an approximate refund of over £300,000. We explained that claiming such a large sum was possible because we could submit a claim for both this tax year and the previous one if we acted quickly.

Despite numerous chasing attempts, Cheryl was unable to provide us with the information we needed to make a backdated claim. We were, however, able to make a claim for the most recent tax year. Once Cheryl received the refund, it became clear how much had also been missed out on.

Cheryl now wants to urge fellow business owners not to make the same mistake by neglecting to act before their deadline. Cheryl said “I think the most frustrating thing about it all is that all Green Jellyfish were waiting on me for was a copy of our accounts and CT600, realistically this wouldn’t have taken me 5 minutes to send but I was so busy with other things, I never got round to sending that email.”

Cheryl added “I told myself I was too busy but ultimately, when else do you have the opportunity to receive £140k from sending one email? In hindsight, this should have been my top priority”.

This happens so frequently that we asked Cheryl if we could use her case as an example to highlight the importance of being prompt. Cheryl agreed to this enthusiastically, stating that “I don’t want other businesses to miss out on the money they are entitled to the way I did. If you are in the process of submitting a claim, I strongly urge you to act sooner rather than later. Cashflow has never been so important, so please make full use of the help available to you.”

If you are in the process of submitting a claim with us and want to make sure your claim is submitted before your company year end, please contact us.