Established in 1998, Icarus are acknowledged as being a world leader for airline training evacuation systems. Globally, they have over 120 different systems deployed and boast a number of national airlines as clients. In addition to the training evacuation systems, they also design, develop and manufacture technical inflatable training products for the military.
Sometimes, the mere mention of ‘Research and Development’ puts eligible businesses off making a claim. The reason being that many interpret this as meaning that they need to be a research company. Whereas, in reality, if you innovate and improve the way something works in your business, and the outcome lacked ‘certainty’ in the beginning, you may qualify.
The innovation occurs at Icarus, because the majority of its clients require a bespoke solution. These clients need products that are guaranteed to perform consistently, in highly demanding environments. For example, when Icarus design a descent slide for an airline, they will encounter many variables. The specific type of aircraft being used for the training, the training environment, training programme and type of simulator installation.
What seems like a simple product can be a complex project, requiring a high level of knowledge and expertise. Product testing is a fundamental element of the product development process. The design team and engineers will work their way through a myriad of “what if” scenarios to ensure compliance and performance are maximised.
Like many of our clients, Icarus were advised by their accountants to work with an R&D Tax Credit specialist. This is because they were aware that their client was undertaking extensive Research and Development activities.
After two phone calls to confirm eligibility and the scope of the Research and Development activities taking place, we arranged a meeting. The first meeting lasted for three hours, during which time Fiscale reviewed Icarus’s extensive product development.
Following this, another meeting was needed to clarify all of the information gathered, to ensure an accurate submission to HMRC.
It took less than three months for Icarus to receive their first cheque from HMRC. Icarus’s Operations Director, Stuart Haycock, was delighted with the amount received. He had not anticipated that the R&D Tax Credit scheme could prove so beneficial to the company.
Stephen from Fiscale, is certainly an expert in his field. He was able to identify all of the elements of our work that qualified for R&D Tax Credit.
Fiscale made the process as painless as it can be. They even offered excellent guidance on how to refine our accounting structure and record keeping. Our data is now organised and makes future claims much easier to process.
We did have to provide quite detailed financial information but the size of the cheque received from HMRC has certainly compensated for our time and of course this will not be a one off claim.
Going forward Icarus will continue to work with Fiscale to ensure that we maximise the benefits from the R&D Tax Credit scheme. I just wish we had become involved with Fiscale earlier!Stuart Haycock, Operations Director of Icarus Training Systems Ltd
Why not contact us today to discuss your business’ R&D tax relief? It only takes our team around 20 minutes to determine if you are eligible or not.