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A business that helps science and technology companies claim tax rebates has broken the £1 million turnover mark 13 months after it launched.
Breakthrough Funding was founded by Sue Nelson in April last year to apply for research and development tax credits for growing firms in the county.
It aims to simplify the process of claiming government cash for its clients and is attracting business in the technology sector by impressing young entrepreneurs with free ‘beer pong’ tournaments.
So far, it has managed to get back more than £6 million for innovative companies, which receive between £5,000 and £250,000 each.
“There are five R&D tax centres around Kent and they are there to give this money away,” said Mrs Nelson, a former director of R&D at Ashford rebate firm RIFT Group.
“It is not seen as a tax dodge. The Government is actively trying to push it. When we see these lovely companies get the money, we see they employ another person or invest in more equipment. They always reinvest it, so it works well.”
"If you say to a company ‘you can play beer pong for free and have to talk to us for 15 minutes’, they are much more likely to do that rather than attend a seminar..." - Sue Nelson, Breakthrough Funding
Mrs Nelson’s company has employed some unusual tactics to establish clients in the food and technology sectors, growing to employ 16 people from offices at Orbital Business Park in Ashford.
It runs a podcast, called the FoodTalk Radio Show, and has attracted clients by running a qualifier for the beer pong World Series in Las Vegas. They take the tournaments to tech hubs around the South East.
Mrs Nelson, who lives in Kennington, Ashford, said: “Beer pong is just something people are into in the tech sector. If you say to a company ‘you can play beer pong for free and have to talk to us for 15 minutes’, they are much more likely to do that rather than attend a seminar.
"We are really trying to disrupt the market. Tax and financial services is a really boring industry and we try to make it funky, accessible, easy to understand and transparent. We are trying to be innovative in how we access these markets.”
Mrs Nelson aims for turnover to reach £2.5 million next year.
“We planned for growth from the beginning,” she said. “We have planned from the start for the business to be a £4m to £5 million turnover company and that is really paying off.”
She thinks there is no chance the government will halt the R&D tax credits system on which her business relies.
“This has been going since 2000 and all parties are signed up to it,” she said. “It won’t get cut because for every £1 given back for tax relief for innovation, it attracts £4 to the economy.
“They are trying to advertise this and get more companies to apply as it creates more jobs.
“It is highly unlikely to be cut because that will cut the economy and not help it grow.”