The health supplement industry is growing at an ever-increasing rate, and consequently, we are seeing a surge in the amount of health supplement businesses. Particularly after the Covid-19 pandemic, consumers are becoming more aware of their health and well-being. This spurt of health consciousness in the UK in recent years has caused, on average, a 13.5% industry growth rate in each year between the years of 2017 and 2022, and a current market size valued at £1.5bn. Whether it be for hair growth, bone strength, or hormonal balance, you can find a health supplement business targeting almost any health concern.
R&D within Health Supplement Businesses
Research and development (R&D) is a huge part of the health supplements industry, with new health discoveries, trends, and improvements being made. The growth of the industry is therefore made possible from the research that goes into developing and improving supplements; what’s more, it’s likely that if you own a health supplement business, you are already conducting R&D activity. Areas of the industry that require research and development include the quality of supplements, supplement safety, and their efficiency.
In summary, R&D activity can make you eligible for financial help in the form of R&D Tax Credits, a government incentive to boost innovation across UK industries, allowing businesses that engage in R&D activity to claim back on a variety of expenditures. This could include staffing costs, subcontractors, software, and materials. This can provide health supplement businesses with a fantastic opportunity to increase their funding to carry out more research.
Examples of claimable projects for Health Supplement Businesses could include:
- Development of new or improved formulae for health supplements.
- Development of new methods for testing the efficacy of supplements in preventing health conditions or maintaining vital organs and functions.
- Testing new ingredients and substances.
- Development of new processing or packaging methods to improve shelf-life.
Please note that this is not an exhaustive list, and we urge you to get in touch with one of our specialists who can advise you on your eligibility. Our specialists only offer services related to R&D, so are true experts within the field! Contact us today.
How to claim:
- What are R&D Tax Credits?
- What are the benefits of claiming R&D Tax Credits?
- How can I apply for R&D Tax Credits?
- What R&D Qualifying Expenditure can be claimed?