Case Study
Food Innovation Solutions

Industry – Food & Drink
Number of years claimed – 8
Type of claim – R&D Tax Credits (SME Scheme)

Research and Development Tax Credits case study for Food Innovation Solutions

Food Innovation Solutions are a company at the forefront of strategic innovation and food concept development for retailers, manufacturers and restaurants.

The Background

Michael Faers founded FIS in 2011, after over 25 years of working in the food and beverage industry.

Michael correctly identified that there was a real need to provide businesses in fast changing sector with access to industry leading innovation. By capitalising on his wealth of experience in culinary services Michael was able to offer businesses with practical solutions by using innovation to increase revenue and reduce costs.

FIS engage with their clients at a strategic and tactical level to develop innovation strategies.

They also offer management consultancy to address specific innovation issues and to provide training.

With offices in Bury St Edmunds and London the company has grown rapidly to being acknowledged as a leader of strategic innovation. management and food and concept development for food retailers and food manufacturers in the UK and overseas.

The client list includes global brands; start-up companies; own label food and drink manufacturers; pub groups and restaurants.

The Results

Food innovation Solutions were introduced to Fiscale when they were exhibiting at a Food and Drink Expo. After a brief conversation it soon became clear that they were undertaking a substantial amount of Research and Development.

A more formal meeting took place three months later, as FIS were incredibly busy and experiencing rapid growth in their business. Several meetings and phone calls took place between Fiscale’s Technical Director Stephen Bunting and FIS’ Finance Director. The level of R&D taking place in the company was extensive and Stephen wanted to ensure that nothing was missed.

Conclusion

It took around 12 weeks from the initial conversation for Food Innovation Solutions to receive their cheque from HMRC. The directors were surprised at the size of the amount of relief given as it was way beyond their initial expectations.

I admit at first I was sceptical about the R & D Tax Credit scheme as it really did seem to good to be true! I was also slightly concerned about the amount of time and effort that would be required to put together a claim. We had an extremely hectic few months in the last quarter of 2014 and my time was really precious. I wasn’t convinced the potential return on investment would justify the time and hassle. Stephen from Fiscale soon put me right!

Stephen’s ability to pinpoint the technological uncertainties within the new product and process development was impressive. He explained the information required without using any jargon. I love number crunching and analysis so actually found collating the data required quite enjoyable!

We have already submitted two claims covering the last three years; the return has been significant and has provided the means for us to pursue new opportunities.

Our experience with Fiscale has been nothing but positive, and they were always available to offer support and guidance. There is no way we could have put the claim together without Fiscale’s help. I have no hesitation in recommending them.

Sarah Mort, Finance Director of Food Innovation Solutions Ltd

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