European Power Systems were referred by Charnwood Accountants & Business Advisors LLP in 2020 to claim R&D Tax Credits with TBAT Innovation Ltd.
European Power Systems Limited was founded in 2002 with the purpose of providing specialist Gas Turbine package maintenance services to the industrial sector. European Power Systems Limited (EPS) is one of the leaders in Gas Turbine maintenance management, offering a full range of products and services from their locations in UK and Spain.
EPS provides single-cycle Gas Turbine plants and other similar operations with well-planned maintenance and innovative engineering solutions to ensure an optimum output with minimum costs. EPS has the singular aim of providing Gas Turbine users and operators with the best package service available in the marketplace today. Often, EPS provides support for obsolete gas turbines, by reverse engineering obsolete hardware and software.
In 2020, European Power Systems Ltd were referred to TBAT Innovation Ltd by partner Charnwood Accountants & Business Advisors LLP, to explore claiming R&D Tax Credits via the SME Scheme for the first time.
After an initial discussion between TBAT’s Senior Consultant, Ian Davie, and EPS Directors, it was quickly established that they were performing eligible Research and Development activities that made EPS suitable to make an R&D Tax Credits claim.
TBAT worked closely with the expert team at EPS to delve deeply into their technology and research projects to identify all of the eligible R&D expenditure for their claim. Their projects ranged from bespoke software development to hardware redesign for upgraded control systems and improved reliability.
Having been introduced by our partner Charnwood Accountants, we followed up with a couple of meetings with Iain, Technical Director. This allowed us to explore the technology developments and ensure that the company projects met the criteria as classed as R&D before going to contract.
TBAT were able to identify over £100,000 in eligible R&D expenditure for EPS, during their 2020 claim period – their expenditure included staff costs, sub-contracted R&D and materials costs; with a similar amount also identified for 2021.
EPS plan to continue performing research and development on new reverse engineering projects to continue to serve the gas turbine industry; while also claiming R&D Tax Credits for their innovative work.
Felix has been very helpful in understanding the type of work we do and how to make a successful claim. We would highly recommend Felix and the team at TBAT.
Lindsey Aldridge - Director