We quickly identified how they would be eligible to benefit from tax relief and developed an application to ensure they could make a sizeable claim. This proposal was accepted by HMRC and the company opted to receive tax credits as a cash lump sum rather than offset losses against future corporation tax liabilities.

The company used its large cash injection to help expand planned R&D work and bring new products to market more quickly. Their original development timeframe of three years for launching a new product was accelerated by one year. In doing this, they were able to achieve their goal of profitability in a faster timeframe.