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R&D tax credit success stories: …in conversation with 2LK
Research and development (R&D) tax credits are a valuable government incentive that rewards UK companies for investing in innovation. If a project meets the government’s definition of R&D, you can recoup a percentage of your innovation costs. Our R&D tax credit specialist partners ForrestBrown have secured over £4.75 million in R&D tax credits for DBA members.
It’s been fantastic to hear about the positive impact this has had on members’ businesses, and to see those who hadn’t considered themselves eligible for R&D tax credits benefiting from this member service. One of our latest success stories comes from DBA member 2LK. We spoke to Chris Claydon, Head of Finance at 2LK to get the inside scoop.
2LK’s research and development (R&D) claim
2LK is an exhibition design agency that specialises in creating dynamic exhibition installations.
Sector
Technology
Type of R&D
Software
Location
South East
No. of employees
1-50
2LK: “We create cutting-edge brand experiences for businesses around the world with immersive installations.
A recent example of our R&D was when we created an interactive exhibition display for a global technology company. Our client wanted the display to symbolise the power of 5G networks with motion sensors. To achieve this, we created a bespoke software platform that controls a customisable, interactive display across a 30-metre LED screen.”
Why R&D tax credits?
2LK: “R&D tax credits came onto our radar after we watched a webinar by ForrestBrown for members of the Design Business Association. We’d heard about the incentive before but assumed it only applied to businesses involved in scientific research. Watching the webinar helped us recognise how our work could qualify so we called ForrestBrown.
With the money from our R&D tax credit, we’ve set aside a dedicated R&D budget. Our technical staff use it to get extra training or buy new software. Having a designated pot for innovation has encouraged the team to test new ventures and take bigger risks with their work, it’s great!”
Why ForrestBrown?
2LK: “For our first R&D tax credit claim, ForrestBrown came to our office to explain how the R&D guidelines applied to our work. Their software experts helped us to understand which of our projects were eligible so we could unearth all our R&D. It’s very reassuring working with a team that truly understands our sector.
From our very first conversation with ForrestBrown, they’ve been friendly and helpful. We have one key contact for all our enquiries which has made the overall process very straightforward. I can’t recommend ForrestBrown enough to other businesses.”
Could you be in the same boat as DBA members 2LK? You could be eligible for R&D tax credits too.
Here’s what fellow DBA members had to say about their claims process after they received funding for their businesses through R&D tax incentives.
Contact Eleanor Singh at Eleanor.Singh@dba.org.uk, who can set up an initial discussion with ForrestBrown to see if you are eligible.