07 Aug 2018

Medical R&D Tax Credits

Medical R&D Tax Credits

Within the medical sector, there is a continuous need for research and development (R&D). Whether it is for next generation medical devices, technologies and products, new and improved pharmaceuticals, or research into the use of genomics, AI or smart packaging; it is all R&D!

There is a large amount of funding available to the medical sector for R&D, but did you know that medical companies can also claim R&D tax credits for the work they are doing? They can even claim R&D tax relief if the company is loss making, if the project was unsuccessful and if the R&D was grant funded!

All of the above are examples of activities in the medical sector that are eligible for an R&D tax claim. As long as the R&D being done is to overcome a technical or scientific uncertainty, then it could be eligible!

Our Consultant’s are experts at delving deep into your R&D projects and identifying all of the eligible activity within them; making sure your claim is maximised to it’s fullest potential.

These statistics are based on 215 claims within the health sector in the financial year. Only 20% of the average expenditure is being claimed back, which we believe is far below what it should be!

Still not sure?

An R&D tax credit claim could be the cash injection needed to fund the next steps of the development journey! Use our R&D Tax Credit Calculator today to see how much you could potentially claim back!

Get in touch and our R&D Tax Credit Consultants can decipher from a FREE quick telephone consultation, whether the activities being undertaken are eligible and let you know exactly which project costs can be claimed back on.

Related Articles

26 Mar 2024

R&D Tax Updates March 2024

The R&D tax relief schemes are undergoing significant changes, for example the introduction of the Merged Scheme, merging SME and RDEC schemes into a single framework covering SMEs, Large Companies, and subsidised projects. Read our post outlining some of the upcoming changes, including the Spring Budget 2024.

R&D Tax Credits
Bulb
04 Mar 2024

HMRC Customer Service an ‘all-time low’

On the 28th February, the House of Commons Public Accounts Committee (PAC) released a damning report on HMRC Customer Service. The report outlines several concerning findings, including HMRC's failure to meet service standards, increased wait times for taxpayer assistance, and a decline in service quality over five years. In this blog, I discuss TBATs thoughts surrounding the report.

R&D Tax Credits
Bulb

An independent consultancy, highly skilled and experienced

Assists organisations in accessing research and development grant funding across a range of UK and EU schemes and industry sectors.

Get In Touch