Entrepreneurial Business Coach
The company developed two innovative products in two different industries:
- A new gear shift mechanism on motorcycles that allows gear changes with zero foot movements which
allowssmoother and quicker changes.
- A smart switch for small storage rooms that shuts off the light automatically after a time delay. The switch can be used with any existing devices and is much more practical and cost-effective than using a sensor system.
The R&D claim on the costs of materials and salaries of the directors resulted in
These products are now under a patent and the profit on sales of products with a patent or licence is subject to tax at 10% compared to 19%.
Tax benefit: Saving £18,000
The R&D claim led to cash saving of £18,000.