Client: Global Precision Ltd
Sector: Manufacturing (injection moulding/plastics)
Location: Yorkshire
Services: R&D tax relief · Corporation tax planning
The problem: a manufacturer missing out on a significant tax relief
Global Precision Ltd has been manufacturing precision plastic components using injection moulding since 2009. Their work is technically complex, and they regularly tackle challenging, innovative projects. But their previous accountant had minimal knowledge of R&D tax relief, and the MD had been told it simply didn’t apply to them.
Nobody had ever looked properly.
How Ascentis got involved
Global Precision’s new bookkeeper had a previous working relationship with Ascentis. As she got to know the business, she suspected there might be an R&D claim to be made. A connection was arranged between the MD and Ascentis to explore it.
After a careful review of the company’s activities, we were confident they qualified. To give the MD — who was understandably cautious given the potential savings involved — full reassurance, we recommended submitting the initial claim to the HMRC R&D Advance Assurance Unit for pre-approval.
We prepared a comprehensive R&D report covering the qualifying activities and associated costs, submitted it to HMRC, and arranged a telephone interview between HMRC, the MD, and Ascentis to ensure full mutual understanding.
The result
- £25,000 corporation tax saving in the first accounting period
- Similar savings achieved in each subsequent year
- When the company expanded and created a second trading subsidiary, both entities began making R&D claims — doubling the group’s annual tax savings to approximately £50,000
Global Precision had been overpaying tax for years because no one had looked at the whole picture. That’s exactly the kind of thing a proactive accountant should find and fix.