A recipe for success
The founders of a local Research and Development (R & D) Tax Credits consultancy believe they have created the perfect recipe for success when it comes to business.
John Mayhew, Executive Chairman, and Stephen Bunting, Technical Director, established Fiscale Ltd in 2014. The company has exceeded their initial expectations when it comes to all aspects of growth.
Success is attributed to a number of factors.
From the outset there has been a high level of investment in recruitment.
Fiscale has employed and cultivated local talent through the Apprenticeship scheme and has a team of 4 Chartered Tax advisors. Apprentices are mentored and guided by experienced tax professionals.
A strong team, robust internal systems, an ongoing commitment to marketing and a service that provides clients with an additional source of revenue, from HM Customs and Revenue (HMRC), underpin the company’s achievements.
Stephen Bunting explains,
“R & D Tax Credits are a government incentive to encourage businesses to invest in research and development. Successive governments have been keen to stimulate spending on R&D as it fuels economic growth.
“Despite being around for 17 years, awareness of the scheme is still low. Even businesses who have heard of R&D Tax Credits are not convinced that they are undertaking R&D or are concerned about having anything more to do with the taxman than is absolutely necessary!
“We are slowly breaking down the myths that shroud this beneficial incentive. We have now reclaimed over £12 million of Corporation Tax benefits for our clients, most of it in cash. The average first year claim value is in the region of £67,000, which is a significant injection into any cash flow. With a 100% success rate and a no-win-no-fee guarantee there is no risk to the client. That is a strong proposition.”
Since 2014 the Fiscale team has grown from 2 to 21, the client portfolio has expanded from a zero base to over 170 and turnover has increased to £1.3 million. The company’s headquarters remain in Haverhill however there is now an office in Stoke-on-Trent and a further office opens in Kent in the Autumn.
Madeline O’Mahoney joined Fiscale as their first apprentice Claims Administrator in August 2014 and was promoted to Claims Manager in 2016. Madeline comments,
“Fiscale just keeps on growing. I think it is because what we do really does help businesses. We have also created the opportunity for several young people to learn about this highly specialised area of tax through apprenticeships. It is rewarding to be part of a company that is contributing so positively to the economy at a local and national level.”
Fiscale recently celebrated three and a half years in business with an event at Baythorne Hall cookery school. The team was treated to a day of Indian cooking under the guidance of chef, author and Master Chef Finalist Saira Hamilton. The competition to produce the perfect Paratha was fierce!
If you would like to find out more about R&D Tax Credits please call 01440 708333