Name: Jaime Lumsden
Company: Terry Toms & Partners Ltd trading as RandD Tax
Can you give us a little background on your company please?
Since incorporation in September 2012, our team of Consultants have handled in excess of 3,600 claims for more than 840 companies throughout the UK, gaining them in excess of £64m.
Our role is to investigate the scope of our clients’ R&D work, make sure that they understand the qualifying conditions, review the technical aspects of qualifying projects, assess the contribution of incurred qualifying expenditure and help to produce the Technical Justification for submission with the Corporation Tax claim.
Our Managing Director, Terry Toms, sat on the R&D Committee a major trade body for the ICT industry south of the border. This committee worked with HMRC to ensure that they understood the R&D aspects of ICT development work – and worked to help the industry understand the HMRC Guidelines and Guidance.
Although, many of our claims are related to the software or ICT industry, we have also processed claims for industries including oil & gas, aerospace, warehouse automation, injection moulding, engineering, test & calibration, electronics, automotive, environmental science, digital marketing and a number of business service companies. To date, we are proud to have achieved a 100% track record in successful submissions though our clients’ Accountants.
Tell us about a business challenge you have faced (new product designed/client challenge/etc)?
Since November 2016 we have been expanding our presence in Scotland.
What was your solution?
Our solution has involved recruiting an additional Consultant based in Scotland, who with the support and ongoing training, has the responsibility of managing our marketing campaign, local networking, dealing with initial enquiries and presenting to Accountants.
We now have several specialists supporting our Clients throughout Scotland.
Tell us about the benefits of your solution to the initial problem?
We have expanded our network across Edinburgh, Aberdeen and into Glasgow, resulting in new business and several opportunities in which we have presented our Research and Development Tax Credit Workshop to practising accountants and Clients.
Why did you join ScotlandIS?
Working through ScotlandIS will help us to engage with businesses who are developing digital and other technologies across Scotland, by expanding the service we offer at RandDTax.
Scotland is a hotbed of innovation and is seen as a significantly underclaiming R&D Tax Relief area. HMRC’s statistics show that many more SME’s should be claiming here. We plan to help address this.
What have you gained from being a ScotlandIS member?
The opportunity to present to the membership at the upcoming events in Aberdeen and Glasgow. This will greatly aid RandDTax in raising our profile and in helping many future Clients to successfully receive R&D Tax Relief.