Haverhill company shows impressive growth in its early years
A Haverhill Research and Development (R & D) Tax Credits consultancy has grown its team from two to 21 and expanded its client portfolio from zero to over 170 in just three-and-a-half years since being founded.
Not just that, but the turnover of Fiscale Ltd has increased to £1.3 million since it was established in 2014 by executive chairman, John Mayhew and Stephen Bunting, technical director.
The company has exceeded their initial expectations when it comes to all aspects of growth.
Mr Bunting explained: “R & D Tax Credits are a government incentive to encourage businesses to invest in research and development.
“Successive governments have been keen to stimulate spending on R & D as it fuels economic growth.
“Despite being around for 17 years, awareness of the scheme is still low.
“Even businesses who have heard of R & D Tax Credits are not convinced that they are undertaking R & D or are concerned about having anything more to do with the taxman than is absolutely necessary!
“We are slowly breaking down the myths that shroud this beneficial incentive.
“We have now reclaimed over £12 million of Corporation Tax benefits for our clients, most of it in cash.
“The average first year claim value is in the region of £67,000, which is a significant injection into any cash flow.
“With a 100 per cent success rate and a no-win-no-fee guarantee there is no risk to the client. That is a strong proposition.”
The company’s headquarters remain in Haverhill however there is now an office in Stoke-on-Trent and a further office is opening in Kent in the autumn.
Success is attributed to a number of factors. From the outset there has been a high level of investment in recruitment.
Fiscale has employed and cultivated local talent through the Apprenticeship scheme and has a team of four Chartered Tax advisors.
Apprentices are mentored and guided by experienced tax professionals.
A strong team, robust internal systems, an ongoing commitment to marketing and a service that provides clients with an additional source of revenue, from HM Customs and Revenue (HMRC), underpin the company’s achievements.
Fiscale recently celebrated three and a half years in business with an event at Baythorne Hall cookery school.
The team was treated to a day of Indian cooking with chef, author and Master Chef finalist Saira Hamilton.