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Chartered Accountants Specialising in R&D Funding
R&D Tax Credits in Science & Medicine
The Pharmaceutical industry is one of the biggest global industries involved in research & development and fits the typical stereotype image of ‘people in white lab coats’ undertaking R&D in laboratories. However, whilst that remains a major part of R&D, there are also many other companies involved such as drug manufacturers, specialist testing companies, packaging companies, and medical equipment designers who may also qualify for R&D. Could you qualify for R&D Tax Credits in this sector?
Qualifying Examples of R&D Tax Credits in Science & Medicine
The R&D tax credit scheme rewards any company whose work seeks to resolve a ‘scientific or technological uncertainty’. Qualifying activities may include:
- Development and clinical trials of new drugs.
- Adapting or developing manufacturing processes for now or improved drugs or medical devices.
- Development of new or improved testing techniques
- Manufacturers of new or improved medical devices to enhance patient care.
- Development of new packaging taking account of areas such as shelf life, temperature storage and sustainability.
- Adapting/improving existing drugs to a broader audience e.g. sugar-free, easier to swallow or slow-release.
Further information on projects that count as R&D can be found on the Government website: here
Examples of our work in Science & Medicine
Experts in sourcing and developing innovative new products for cardiovascular specialists developed a new method to improve heart coronary diagnosis achieving quicker haemostasis in patients without compromising blood flow.
Libcus recovered £16,603 for the client.
A UK supplier of unique products for pre-menstrual syndrome and post-natal depression developed a pessary specifically related to the assisted reproduction market.
Libcus recovered £142,000 for the client
Other industries eligible for R&D Tax Claims
Our technical specialists regularly process successful claims in the scientific sector. However many other industries are eligible to claim R&D Tax Credits.
For more informaiton on other industries and examples of claims, please click on the links below:
Technology & Software
The technology sector is one of the fastest growing sectors in the UK and as such is one of the key areas for R&D tax relief:
- Cyber security & encryption
- Search engine advancements
- Linking old & new software systems
Food & Beverage
R&D has always played a part in the food & beverage industry but is constantly increasing as awareness of allergies and healthier types of food and drinks grow in demand but where taste remains a key factor.
With the effects of climate change on our planet at the top of the government agenda, renewable energy and the protection of our environment are one of the most important areas for R&D sectors of this decade.