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Case study - PowerChord

PowerChord has developed a proprietary radio system that can help overcome the problem of poor sound quality often experienced at live events. The technology transmits digital quality sound, e.g. music from a concert, directly to audience members and automatically synchronises this hi-fidelity sound source with the ambient sound coming from the venue speaker system.

Audience members wear the custom designed PEEX rX receiver, which perfectly blends and synchronises the live sound via specially designed earphones.

The PEEX rX device is an exciting new system using patented technology to transform and enhance the way event attendees listen to live music and other live event sound. The research undertaken to develop this capability required a multi-year R&D effort, so PowerChord came to Easy R&D to help process its R&D tax credits claim.

Sector: Software
Location: London

Challenge

PowerChord were introduced to Easy R&D through one of our referral partners. The company undertook a large amount of expensive R&D work over the years and successfully claimed R&D tax relief for their first and second year claims.

PowerChord were in their third claim year when they were introduced to Easy R&D. They were aware that Easy R&D were experts in the R&D tax relief field and accomplished at maximising the generous tax benefits available from the R&D scheme, in particular for successive claims. The challenge for Easy R&D was to effectively process the third-year claim for PowerChord and minimise the risk of delays from HMRC.

Solution

PowerChord expected the third-year claim to involve a fairly significant transfer of the information necessary for the supporting document; the Technical Report. However, this proved much simpler and less time consuming than they had anticipated. Following a number of calls between PowerChord and our Report Writer, the technical requirements were discussed and written-up into the report.

Our Consultant, who coordinated the claim process, was very informative on the R&D tax relief scheme and ensured PowerChord was happy with the approach that he advised them to take. He coordinated the process very well and ensured the client provided all the necessary information in a timely fashion, which was important to expedite the claim with HMRC.

PowerChord was shown how to input the required claim data via Easy R&D’s intuitive client portal and found the whole process both well structured and easy to complete.

peex rx product

Benefit

The end result was successful for PowerChord, with their third claim processed in a matter of weeks; which was significantly less time than required for their previous R&D claims.

For Easy R&D, this has been one of our largest R&D claims to date. Another third year claim success also strengthens our relationship with our referring partner.

“We were delighted with the service provided by Easy R&D and would highly recommend them to other businesses pursing their own R&D tax relief claims. It is a process which can quite often become something of a chore, given the need to correctly comply with HMRC rules when submitting both financial data and technical narrative to support the claim period. Easy R&D provides a very efficient and valuable service both through their excellent and expert staff and their on-line portal used to collate the required financial data.”

Graham TullCTA, PowerChord

If you’d like to enquire about claiming tax relief on your R&D projects, please contact us for a free consultation.