Exclusive Rewards receives R&D tax credits which help launch new website
North West cashback website Exclusive Rewards has launched a new website.
Southport-based Exclusive Rewards was established in 2017 and its members can earn cashback and access discounts from over 4,000 retailers when they shop online via the website. Exclusive Rewards has partnered with TAM Asset Management giving members the option to use their cashback account as an investment account. It says it can beat the average savings account interest rate of 1.18% by returning on average 6%.
The updated website includes changes to navigation and improvements to the content structure making it easier for members to find their favourite retailers and view their cashback account. New functions enhance the user experience, including the integration of a 24/7 dashboard where members can engage with the investment market and get the latest market data, keeping a constant track of how their money is being invested.
The company recently received R&D tax credits which have helped to fund the new website. The R&D claim was supported by the company’s accountants, Mitchell Charlesworth. Partner Mike Buxton and tax manager Phil Hartley advised on the claim which resulted in a substantial five figure sum being received from HMRC.
Commenting on the website launch and R&D tax credits, Chris Jones, Director of Exclusive Rewards, said: “Our main focus has always been on employee benefits; creating a free shopping portal in which employees will earn money on all their online shopping thanks to their employer. We are different from other cashback websites as we give members the option to invest the free money earned. We are the first to give a free investment savings cashback account. Our goal is to change the way people look at investments, creating many new small investors across the country, who have never had an opportunity to invest or save, all without costing them a penny.
“To achieve this, we undertook a huge IT development exercise and were unaware we could qualify for R&D tax credits. Mitchell Charlesworth advised us on a claim which resulted in a significant injection of cash which has enabled us to complete the new website and greatly enhance our offering to members.”
Mitchell Charlesworth partner Mike Buxton said: “There are a lot of misconceptions within businesses that R&D tax credits are only available to high tech businesses and ground-breaking scientific research. This is simply not the case. The bespoke software developed by Exclusive Rewards meant that they qualified for R&D tax credits and with our specialist knowledge and understanding of the claims process we were able to maximise their claim and ensure they received the tax credits they were eligible for.”
Mike added: “We look forward to supporting the company’s growth plans by providing strategic financial advice as well as general accounts, VAT and tax services.”
Photo: l-r Mike Buxton of Mitchell Charlesworth; Neil Wilson and Chris Jones of Exclusive Rewards