Electrical Distribution Systems first started working with Invo in January 2019, who helped them claim retrospectively for the accounting periods ending January 2018 and January 2019. Since taking a proactive approach they have been more risk-taking as they know that they will be eligible in advance for cash back, even if unsuccessful.
As Andrew says, “You can be more risk-taking. Not ridiculously so, but now I know I can claim around 25% back even for unsuccessful projects, I’ve doubled my R&D spend and brought projects forwards – one of which led to my largest contract yet.”
In the middle of the 2020 COVID-19 lockdown, Electrical Distribution Solutions secured its largest contract to date to supply a retrofit design for a large shipping yard in Liverpool. Someone who had worked for a company they’d devised a retrofit solution wanted to use them after he’d moved onto another consultancy. This only came about because they’d brought the previous project forward with the extra cash flow from R&D tax credits.