Automotive sector firm reclaims more than £75,000 in R&D tax credits
A REDDITCH-based presswork supplier for the automotive sector has won an HMRC corporation tax credit with the help of a team of R&D (research and development) tax specialists from Wolverhampton.
A E Oscroft and Sons reclaimed £75,745 under the R&D scheme with R&D Tax Claims of Wolverhampton.
The third generation family business was started by Arthur Oscroft in his garden shed in Redditch in 1947. The company specialises in low to high volume manufacturing and assembly as well as robotic MIG welding, resistance welding, precision machine processes, plating and coating for global clients.
The company recently spent £1.9m relocating from a nearby 19,000 sq ft site to a 53,000+ sq ft site in Washwood, Redditch.
Managing director Chris Oscroft said: “Most of our work is through referral based on quality of our processes.
“Our biggest client is Spanish automotive chassis manufacturer Gestamp, and much of our work goes into Honda, JLR, Nissan, Renault and Toyota.”
AE Oscroft reclaimed £75,745 over two years.
“The money will be reinvested in the business”, said Oscroft. “We’ve recognised that because of rapidly increasing orders, we have to double our capacity on blanking lines. This refund will allow us to do it, and more capacity equals more growth, equals more employment.”
Mark Evans, managing director of R&D Tax Claims, said: “Smart businesses build it into their business model because they know they’ll get it back, even for the failures.”
