R&D Tax Credits in Science and Medication
Want to know more? Contact our team of experts today and see how much your claim could be worth!
So, what is R&D?
R&D stands for research and development. It is the process of taking an idea and transforming it into a fully-fledged product or process. Researching, designing, creating and testing are all part of the R&D process.
What are R&D Tax Credits?
R&D tax credits are a government incentive designed to encourage innovation across multiple industries. This is an opportunity for you to reduce your corporation tax bill or receive a refund from HMRC based upon the number of working hours your business dedicates to Research & Development.
Under the scheme, SME’s can claim back up to 33% of the costs associated with R&D. That’s 33p back for every £1 spent on qualifying R&D activities. To get an idea of how much you could be refunded, check out our handy online calculator.
R&D Tax Credits in Science and Medication
The sector of science and medication is a goldmine for R&D tax credits. Many laboratories are trying to advance these sectors and create new processes, which in turn has made the industry one of the highest spending on R&D per year.
Research and Development is a government scheme put into place to reward Limited Companies who are trying to advance and innovate in the UK. This doesn’t have to be as drastic as creating a Nobel Peace Prize-winning project, however. As long as you have to create the process for ‘researching’ or ‘developing’ a project, it counts as R&D. It could even be as simple as creating your own Petri dishes, for example. (However, this wouldn’t warrant a large claim.)
Once you have an idea of what you can claim on; we look into how much the project cost you, how much time was spent, how many employees were involved, as well as other factors to put together a claim on your account. At Green Jellyfish, we have specialists who are working solely on R&D – meaning you are going to get the most money back for your claim possible!
What qualifies for R&D in Science and Medicine?
Adapting pre-existing drug formulations
Researching into sustainable materials
Researching into and developing prototypes
Developing new software for health professionals to use
These are only some basic ideas of R&D. There isn’t a specific checklist of what may qualify – as long as your project (whatever it may be) carries with it an uncertainty; with you having to provide your own blueprints/work to the process, a claim could be on the cards for your company!
How does it all work?
It all starts with a free, no-obligation consultation with one of our innovation relief specialists. This means that finding out if you’re eligible won’t cost you a penny. Our specialist will give you an in-depth explanation of what research and development is and what qualifies – asking you for some examples of activities your business conducts that you think may qualify for R&D tax relief.
Once a basic understanding has been established, you will be asked to send across your end of year accounts, CT600, and some other basic information. An estimated figure will be made for your refund – then your claim will be submitted.
Check out our R&D tax calculator
Work out how much your claim could be worth with our easy-to-use research & development tax credits calculator. Remember we can claim up to two years so make sure you don’t miss out on your innovation fund.
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