Like many of the best ideas, Invennt Luxe grew out of a chance encounter.
Invennt, an established management consultancy serving businesses operating in multiple engineering disciplines, had long claimed R&D tax credits for their clients, but had never considered the potential in other industries. That all changed when Invennt co-founder, Tim Fitch met a well known British fashion designer at an event in 2019.
When discussing the trials and tribulations of their respective vocations (Tim is a Civil Engineer by profession), it soon became clear that despite the superficial differences, the parallels were striking. Like engineering, much of the work of a fashion designer and other luxe brands involves experimentation with new materials, processes and designs. And much like an engineer, designers are constantly evolving and refining their craft. Yet, unlike engineers, many in the sector
were not claiming for their innovation via the R&D tax credit scheme in significant numbers and
this was holding the industry back.
Introduced by the UK Government in 2000, R&D Tax Credits are designed to encourage innovation by allowing businesses to reclaim some of the money they have spent on developing new – or improving existing – products, services and process.
Loss-making SMEs can claim R&D Tax Credit repayment up to £33.35 for every £100 spent on qualifying R&D expenditure and profit-making SMEs can claim R&D Tax Relief which reduces their corporation tax bill by up to £24.7 for every £100. Large companies can claim tax repayment of 13% of qualifying cost
Any project that seeks to; Extend overall knowledge or capability; create a process or service that extends knowledge or capability; make an appreciable improvement to an existing process, material or device; or use science or technology to duplicate the effect of an existing process, material or device in a new or improved way is classed as R&D.
Download the brochure or contact us to book an exploratory discussion to evaluate your claim.
