Added value for Vetstream

 

Market leading digital services provider Vetstream are one of a growing portfolio of clients to be benefiting from the Fiscale factor!

research and design tax credits

Case Study - Vetstream

Vetstream was aware of the R & D Tax Credit scheme and had previously submitted claims using another firm of R & D Tax Credit consultants. Fiscale was recommended by two of their trusted business advisors which prompted them to get in touch. On meeting Fiscale they soon discovered that not all R & D Tax Consultants are the same.

Content creators and developers Vetstream (whose managing director Mark Johnston is also a veterinarian) offer a unique range of online content to veterinary practices and manufacturers of veterinary pharmaceutical and nutritional products and to other suppliers in the veterinary sector. Over the years Vetstream has invested heavily in the development of applications which bring education and innovation to veterinary practices at the touch of a button.

Maintaining their position as the world leaders in the field of online veterinary knowledge requires significant and ongoing investment in the software that drives their powerful applications.

The background

Established in 1997 Vetstream is recognised as a world leader in the creation and development of content based applications for veterinary practices. Veterinary practitioners can access Vetstream's extensive database in real-time on any internet enabled device (laptop, smartphone, tablet, or even a Kindle Fire) to assist in the diagnosis and treatment of the animals in their care.

Vetstream's collection of online services (Canis, Felis, Lapis and Equis) enable its clients to operate effectively in an increasingly competitive and demanding market to provide veterinary treatment for dogs, cats, rabbits and horses. The company has harnessed the power of new technology to help clients deal with the day-to-day problems that are faced by busy veterinary practices everywhere.

The Company's digital services include a cloud-based point of care peer-reviewed clinical reference guide with over 19,000 text and multimedia entries submitted by 900 leading veterinary clinicians. Recognising the essential nature of Continuous Professional Development (CPD) to the profession, Vetstream has created a single source e-learning platform where clients can access CPD courses and modules on clinical and non-clinical topics from a wide variety of CPD providers making Vetacademy a one-stop-shop.

An online directory of suppliers, active forum and digital marketing service for companies wanting to market their products and services to the practising veterinary profession complement the education and training aspects of the Vetstream product portfolio which is also expanding into livestock farming and exotic animals as well.

The challenge

Reliability, quality and scope of information combined with ease of access are critical success factors for Vetstream. Their clients, veterinary practitioners, are looking for information at the point of care – if they make a mistake the consequences could be far reaching with the life of a beloved pet, valued horses or herd of cattle put in jeopardy. They work under pressure in a highly competitive market place where pressures from owners can be through them registering their animals at several different practices (creating competition) as well as owners being able to consult "Dr Google" and thus be better informed when they invite a vet to examine their animal.

Trawling through reference books is time-consuming for vets, relying on internet searches is fraught with uncertainty as the results returned can often be unqualified. The ability to access accurate and up to date information at the touch of a button whether for reference, CPD training and education, to find suppliers or to interact with others in the veterinary community, saves time and removes the frustration of traditional methods of research.

Vetstream understand the needs of its clients and the level of investment required to maintain the world's leading hub for veterinary intelligence. The company collaborates with over 900 veterinary clinicians from around the world to gather, collate and publish peer-reviewed content - which is updated weekly. Managing such large volumes of information without investment in sophisticated software would be an almost impossible task.

The solution

Two different trusted advisors recommended Fiscale to Vetstream. At the time of the initial contact they were already in the process of making a claim for two years of R&D Tax Credit.

After a few initial fact finding phone calls Technical Director Stephen Bunting and Claims Administrator Madeline O'Mahoney attended a meeting with Dr Mark Johnston at Vetstream's office in Cambridgeshire. The meeting lasted around two hours. The main focus of discussion was the identification of the different elements of software development associated with the presentation, management and publication of information that would be eligible for R&D Tax Credit.

The meeting was followed by several Skype calls with Vetstream's accountant during which the detailed information to support the claim was obtained along with clarification of the structure of the accounts in order to maximise the R & D Tax Credit claim. Even though the claim for the first year had already been submitted after the thorough review by Fiscale this claim was subsequently increased by 10%.

Once all the information had been collated Stephen prepared the report for HM Revenue and Customs (HMRC). The report was reviewed and approved by the Vetstream team and accountant before being submitted to the R & D Tax Credits team in Cambridge.

The results

Vetstream received a cheque from HMRC within 12 weeks of making the first phone call to Fiscale. The team were delighted with the amount of the credit and the fact that Fiscale's expertise had increased the size of the credit by a further 10%.

"Fiscale's expertise and professionalism was impressive. We immediately felt reassured that the team knew what they were doing.

Stephen worked closely with our accountant and the majority of the information gathering didn't involve me at all, which was a relief. Time is our most precious resource and when you are running such a busy and dynamic organisation it really is in short supply. I was very pleased that the demands on our internal resources were kept to an absolute minimum. It probably took less than a day of our accountant's time - the return on investment was well worth it. Now we have robust systems in place to ensure that future R & D claims will be much easier to put together.

The team from Fiscale are excellent. It is an extremely professional company and they have done a great job for Vetstream."

Dr G. Mark Johnston MA VetMB PhD MRCVS, MD of Vetstream

 

The conclusion

This is very much an ongoing relationship with Fiscale now working on a second claim for Vetstream. Innovation and development lie at the heart of what Vetstream offers its clients in the veterinary sector. The injection of what is effectively "tax-free cash" into the business will enable Vetstream to continue investing in their product and service portfolio; satisfying the information and education demands of their clients and ensuring the company retains its position as the market leader in the sector.

 

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