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Engineered Assistance Limited are an engineering firm based in Leeds, which carries out research and development work for a new form of patient handling technology for use in healthcare.
The company is only just starting to trade but with the help of Armstrong Watson it has applied to treat its pre trading R&D costs as expenditure qualifying for R&D tax credits. Accordingly, the company has obtained nearly £60,000 in tax-free cash back from HMRC despite that it has yet to pay any corporation tax.
Cash flow for start ups is far more important than profit and this tax credit will be extremely important to allow the company to progress to the next stage of the development cycle.