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 of one of the highest spending on R&D per year.
What is R&D?
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 (E.g. attempting to reduce side effects)
- Researching into sustainable materials
- Researching into and developing prototypes
- Developing a new CRM/Database 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!
Does the project have to be complete?
To clarify, the actual project doesn’t have to be a success. If there is some kind of proof the project has gone ahead, this can still qualify.
Our experts can let you know if your business can qualify for a claim – and with an initial enquiry being completely free we urge you to get into contact today!
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.
Want to know more? Contact our team today and see how much your claim could be worth!
Check out our existing projects
Even if your company has qualifying expenditure, it does not mean that you should just wing it when submitting your own R&D Claims – especially when submitting a large claim. Throughout this […]