The Nottingham-based company’s focus on innovation has led to research into the testing levels of sensitive proteins and tannic acid when creating a more sustainable cloudy consistency for beverages. It has also delivered advances in the production of vegan beer.
In 2018 the firm launched its remodelled layer board, designed to enable brewers to transport stock sustainably.
According to Murphy & Son, research and development (R&D) tax relief, which accountancy firm UHY Hacker Young Nottingham secured for the company, was ‘a key part’ in the success of these projects and continued innovation.
SME incentive
R&D tax credits were introduced by the Government in 2000. They are designed to incentivise small and medium-size enterprises to invest in research and product development by allowing them to claim an enhanced tax deduction for qualifying expenditure incurred.
According to UHY Hacker Young, Murphy & Son’s projects have benefited from additional tax relief on 130% of all costs attributed to its R&D efforts. That has included lab equipment and consumables, product trials and testing, and staff costs.
The accountants also secured funds for an element of the business’s utility bills, including water, fuel and power costs.
Charles Nicholds, managing director at Murphy & Son, said: “Innovation and technical support are incredibly important parts of our business.
“We are constantly striving to develop and bring new products to the market, improve our own manufacturing processes and help the industry with beverage storing methods.
“Now more than ever, it’s essential that we stay ahead of the curve and put time, money and resources into developing our offering as a company.”
Essential funds
James Simmonds, partner at UHY Nottingham and head of the firm's national drinks sector group, said: “We have a longstanding relationship with Murphy & Son, so we’re very happy that we’ve been able to support the team in their endeavours to creating revolutionary brewery solutions.
“By identifying all aspects of the business’s recent projects that qualified for R&D relief, we’ve been able to supply the company with essential funds to ensure the brewery sector continues to progress and innovate – despite the difficulties that have recently fallen upon the industry following COVID-19.”
