January 2024

Case Study: RfM Transform and the Blue Soup Equipment Company

Blue Soup Equipment Company is a small, family-run business based in the South of England. They specialise in producing innovative water-safety products including their range of UP Vests - inflation vests worn by big-wave surfers. Blue Soup recently added new safety features to their collection of vests and undertook a project to develop a new, cutting-edge design. To support their R&D initiatives, they partnered with Zach, Tony and the R&D team at RfM Transform to navigate the complexities of their claim.

Small Businesses Can Transform the World!

Meet our clients at The Blue Soup Equipment Company. Blue Soup is a small, family-run business based in the southeast of England. They specialise in producing innovative water-safety products including a range of inflation vests called "UP Vests" typically worn by big-wave surfers and jet ski riders. Blue Soup recently added new safety features to its collection of vests and undertook a project to develop a new, cutting-edge design. To support their R&D initiatives, they partnered with Tony and the R&D team at RfM Transform to navigate the complexities of their claim.

Challenge

With the recent changes in R&D tax relief regulations brought in by HMRC, Blue Soup faced the challenge of understanding how these changes affected their eligibility and claim potential. They needed expertise in not only identifying their qualifying R&D activities but also in maximising their claim within the new framework.

The recent changes in R&D tax relief were a significant concern for us, given the critical role innovation plays in our business. Partnering with RfM Transform and leveraging their expertise was a game-changer. Tony and his team's comprehensive understanding of the new regulations and their hands-on approach in identifying our eligible R&D activities were crucial. The successful claim has not only provided a financial boost but has reinforced our commitment to innovation in water-safety. We're grateful for the support and insights provided by RfM Transform, which have allowed us to continue focusing on what we do best – creating pioneering safety products for extreme water sports” - Mark Rees, Managing Director, Blue Soup Equipment Company

Solution

Tony, and our R&D consultants armed with deep knowledge of the updated R&D tax relief regulations from their recent meetings with HMRC have a strong background in supporting innovation across various sectors. We thoroughly assessed Blue Soup's R&D activities, identifying eligible projects and expenditures aligned with the new tax relief criteria. This involved a detailed analysis of the company's work on their new vests, which incorporated advanced materials and design techniques, and some of their other more confidential projects.

Working with Blue Soup Equipment Company has been a really rewarding experience. It's always inspiring to see innovative companies pushing the boundaries in their field. Our aim at RfM Transform is not just to guide businesses through the complexities of R&D tax relief but to truly understand and appreciate the innovations our clients are developing. Seeing Blue Soup's cutting-edge design come to fruition and knowing we played a role in facilitating that through successful R&D claims is immensely satisfying. It's a testament to the importance of tailored expertise in navigating the ever-evolving landscape of tax regulations - Tony Backhouse, Managing Director, RfM Transform

Our approach to R&D claims goes beyond mere compliance. We ensure that clients like the Blue Soup Equipment Company are educated about the intricacies of R&D tax relief and are fully supported throughout the claim process.

Small businesses can Transform the world!

Want to maximise your R&D Tax Credit claims? At RfM, we specialise in guiding our clients through the complexities of R&D tax relief. Our team is dedicated to helping you unlock the full potential of your innovative projects, ensuring you benefit from every available incentive. Get in touch and learn how we support your business's growth and innovation.