When On Air Dining approached Smart Currency Business with a foreign currency risk management requirement, we quickly realised they might qualify for the government’s R&D Tax Credit scheme. After introducing them to one of our specialist partners they recouped £140,000 for the business.
On Air Dining is the world’s leading inflight dining experience and provides high-end food for private flights. The business was founded by Daniel Hulme, who spent his formative years as a chef in some of London’s critically acclaimed Michelin-starred restaurants.
Daniel’s vision was to deliver the same level of cuisine that clients in restaurants, on yachts and onboard their private jets have become accustomed to. His experience put him in a great position to achieve this goal and take the business from strength to strength in a relatively short space of time.
The business has recently built a new bespoke facility at Stansted Airport and has opened one of the only Halal certified private jet catering kitchens in the UK. The team operates 24/7 and provides a wide range of services – from private chefs, sommeliers and wine-pairing services, to menu planning, bespoke orders and free culinary training.
Introducing our specialist partners
On Air Dining initially approached the team at Smart regarding their FX requirements. As with all of our clients, we spoke with them in some detail to gain an understanding of their unique circumstances and requirements. Through doing so, it became clear that there was potential for a significant claim relating to the innovation part of the business.
At high altitudes there are obviously changes in air pressure and this can have a surprisingly dramatic effect on how food tastes. It was therefore important for the On Air Dining team to go through an extensive process of trial and error to ensure their cuisine tasted very similar to how it does on the ground.
Achieving this was evidently innovative and at Daniel’s request, we made an introduction to one of our specialist R&D Tax Credit partners. They in turn led On Air Dining through the next part of the process, which essentially involved building and then processing the claim for HMRC.
All in a day’s work
Testing recipes and ingredients, the cost of the products themselves, and the man-hours involved in researching and developing their menu qualified under the R&D Tax Credit scheme. Then there was the bespoke equipment that needed to be created to help create high-end cuisine while in the air.
Ultimately, when everything was calculated, On Air Dining were able to recoup £140,000 for the business in a single cash payment. When you consider that the whole process from beginning to end took approximately eight hours, you start to get a feel for how worthwhile making a claim can be.
If you are interested in finding out more about the R&D Tax Credit scheme then give a member of our team a call today or email us at email@example.com – you literally have nothing to lose by enquiring, but it is entirely possible that your business qualifies for a significant chunk of money.