Industry: Recycling Sector (A Client)
Total R&D costs: £84k
Amount successfully claimed: £28k
- At Budget 2018, the UK government announced its intention to introduce a new tax on plastic packaging. The tax will apply to businesses that produce or import plastic packaging which uses insufficient recycled content, taking effect from April 2022. The tax will be set at a rate that provides a clear economic incentive for businesses to use recycled material in the production of plastic packaging, which will create greater demand for recycled plastic, and in turn stimulate increased levels of collection and recycling of plastic waste. These new tax schemes will mean that the UK has had to resolve waste management problems rapidly, incurring innovation in the UK market.
- It was then that our client decided to undertake R&D in order to refine their extrusion process so they could achieve a higher efficiency which would give an increased financial yield. Part of the goal would also be to reduce the power consumption of their facility and reduce the waste, involving a positive impact for the environment.
- Increased efficiency (higher throughout)
- Reduced power consumption
- Reduction of waste
- Successfully earned client a tax rebate, with a 2year backdated claim. We have since carried out a further claim on a year-by-year basis. This will ensure projects are claimed for as soon as possible.