Creekmoor company to spend £500,000 on R&D activities
A POOLE business which has become a world leader in fume extraction technology has revealed plans to spend more than £500,000 on research and development this year.
BOFA International began life in founder David Cornell's double garage in 1987. More than a quarter of a century later the Creekmoor-based company employs 160 people and has an annual turnover of £13 million.
The family-run business designs, develops and manufactures extraction and filtration equipment for a wide range of industries, including electronics, laser engraving and marking, pharmaceutical, printing, dental and beauty.
All its products are made in the UK with over 80 per cent exported to more than 100 countries worldwide.
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Last year BOFA International was presented with the Queen's Award for Enterprise by the Duke of Kent in recognition of its work.
David Cornell is now the company's chairman while his sons, Christian and Lawrence, are production director and commercial director respectively.
David said: "Research and development is absolutely key to both our current and future success. I can't really overstate its importance, as demonstrated by the large amount of money we're committing to R&D this year.
"Our accountants, Princecroft Willis (PcW), have been invaluable in working with us and identifying the tax relief available to companies like ourselves who are investing heavily in research and development.
"There are a wide range of incentives out there but you need expert advice to find them. PcW provide the advice through to the final R&D report which helps keep things simple," said David.
PcW Partner James Robinson said BOFA International was an "excellent example" of a thriving, family owned business making the most of R&D tax reliefs.
He added: "By working closely with BOFA, our team have successfully identified more than £350,000 worth of reliefs which is a considerable sum.
"Research and development incentives can apply to a surprisingly wide range of businesses with qualifying product development, system processes or procedures.
"Companies making a successful claim can either reduce their corporation tax bill or, in some circumstances, receive a cash payment from HM Revenue & Customs.
"In our experience, many firms continue to be unaware of the considerable tax incentives available to them which may run into tens of thousands of pounds. We'd urge them to take professional advice," said James.