Nottingham's Murphy & Son – an international professional brewing supplies and consultancy business – has saved almost £100,000 over the past three years thanks to its commitment to product development and progression.
The business, which has been supporting the world’s leading breweries for more than 130 years, is a long-established provider of supplies and technical expertise to the brewing and broader beverage industry, with a focus on researching reliable solutions for bespoke brewing challenges. It is notorious for its forward-thinking liquor treatments and has recently made tremendous progress towards a number of revolutionary product advancements.
These advancements include testing levels of sensitive proteins and tannic acid when creating a more sustainable cloudy consistency for beverages, working towards the production of vegan beer, and manufacturing its renowned remodelled layer board. Launched in 2018, the board enables brewers to transport stock sustainably and with ease by creating a product that is both user-friendly and recyclable.
Research and development (R&D) tax returns – which were secured by accountancy firm UHY Hacker Young Nottingham – have played a key part in the success of these projects, helping to secure funds for Murphy & Son to continue its innovation
Charles Nicholds, managing director at Murphy & Son, said: “Innovation and technical support are incredibly important parts of our business. We are constantly striving to develop and bring new products to the market, improve our own manufacturing processes and help the industry with beverage storing methods. Now more than ever, it’s essential that we stay ahead of the curve and put time, money and resources into developing our offering as a company.
“UHY's services have ensured that we can continue to extend our research by helping us to benefit from the government’s R&D initiative and save money on key costs across the business. We’ve worked with the UHY team for three years now and look forward to working closely with them for the foreseeable future.”
This corporation tax (CT) relief was introduced by the government in 2000 to incentivise SMEs to invest in advancing their overall levels of knowledge and capability by allowing them to claim an enhanced tax deduction for qualifying expenditure incurred, with the ultimate policy aim of increasing cutting-edge research and wealth creation across the UK, by companies in the UK.
Murphy & Son’s industry-leading projects have benefitted from additional tax relief on 130 per cent of all costs attributed to its research and development efforts, including lab equipment and consumables, product trials and testing, and staff costs. UHY Nottingham also secured funds for an element of the business’ utility bills, including water, fuel and power costs.
James Simmonds, partner at UHY Nottingham and head of the firm's national drinks sector group, said: “We have a longstanding relationship with Murphy & Son, so we’re very happy that we’ve been able to support the team in their endeavours to creating revolutionary brewery solutions.
“By identifying all aspects of the business’ recent projects that qualified for research & development relief, we’ve been able to supply the company with essential funds to ensure the brewery sector continues to progress and innovate – despite the difficulties that have recently fallen upon the industry following Covid-19.
“Evolution is an essential part of the longevity of any sector, and we look forward to continuing to support Murphy & Son with its projects – along with many other businesses across the East Midlands – in order to keep both the local and national economy afloat during its time of need.”
For more information about UHY Hacker Young, please visit http://uhy-uk.com or call 0115 959 0900.