BPMA and CBTax working together to reward Innovation in the UK Promo/Merchandise Sector —
CBTax is delighted to have been given “preferred supplier status” to the BPMA membership. This relationship has been forged by a shared common goal: to make this industry more innovative and to promote product development and forward thinking. We see this as being vital to the resurgence of an industry which has suffered so badly over the last 18 months. Steve Oakenfull, BDM for CBTax, has been the driving force behind this relationship and its his experience as owner of a promotional agency and then 5 years working for Great Central Plastics, that have given CBTax a unique insight into this industry.
CBTax is a regulated, Chartered firm of Tax Advisors specialising in R&D Tax Relief and it’s this HMRC tax relief which is designed to reward such innovative activity. A common belief is that this relief is for industries like medicine or aerospace and that this is only relevant to manufacturers within the industry. This is far from the truth. When looking at a project, HMRC like to see the journey of a project/product from the client’s initial brief to the end product. The distributor is the one steering this journey: managing the expectations of the client with the capabilities of the manufacturer. As such, they are an essential part of the process and have an invaluable function in the qualifying activity.
It’s Steve’s experience that has been instrumental to the successful claims CBTax has already carried out for BPMA members. These successes have led to the BPMA giving CBTax “preferred supplier status” and it’s hoped this will lead to many more successful claims.
So what makes a qualifying project for the Promotional Industry?
Simply adding a logo to a standard product will not qualify. In simple terms, it’s the tricky, head scratching jobs that will test both you and the manufacturer. Bespoke jobs that involve tooling, samples, testing etc are the projects to focus on. Even projects that have failed can count as qualifying activity. Other areas to consider could be internal procedures you may have implemented that improves efficiency or level of service.
Of course, the simplest way of assessing your eligibility is to have a discussion and part of the service CBTax offers to the BPMA membership is a free 45 minute consultation. So give the team at CBTax a call or email firstname.lastname@example.org and arrange your free consultation.