R&D Tax Credits in Science and Medication

It seems that the science and medication industry is a goldmine when it comes to R&D tax credits. A lot of laboratories are trying to improve these sectors and generate new processes. That is why it is no surprise that this industry has one of the greatest spendings on R&D each year.

What is R&D?

R&D, which stands for Research and Development, is a government scheme aimed to reward limited companies in the UK who are trying to innovate and improve in their sector. Keep in mind that it doesn’t have to be severe as what it would be like when you are making a Nobel Peace Prize-winning project. The most important thing is if you are generating a process for researching or developing a project, then it will be considered as R&D. You can choose to create any types of projects, whether it is as simple as making your own petri dishes. Nevertheless, this will not be able to give a bigger claim.

After having a concept of what you can claim on, the next thing to do is to investigate how much the project will cost, how many employees were working on it, how much time was spent on the project as well as other aspects so that you can put together a claim.

At Daniel James Tax, we have specialists that are solely working on R&D. This means that you can get the most money possible for your claim!

What qualifies for R&D in Science and Medicine?

  • Creating a new CRM/Database that can be used by health professionals.
  • Investigating and developing prototypes.
  • Making a research about sustainable materials.
  • Adjusting pre-existing drug formulations, for instance, trying to minimize side effects.

These are just a few basic ideas of R&D. There is actually no particular checklist of what can qualify. Just remember that whatever your project may be, it should carry uncertainty. By providing the blueprints to the process, a claim could just be on the way for your company!

Does the project have to be complete?

We just want to clarify that it is not necessary that the actual project should be a success. If there is some kind of evidence that the project has pushed through, then it can still qualify.

We can help you with figuring out if your business can qualify for a claim. For your inquiries, just contact us!