Pharmaceuticals and healthcare
If your company operates in this sector, assessing eligibility for R&D tax relief is absolutely essential.
In a knowledge driven industry, staffed by a highly skilled workforce, it’s not surprising that the pharmaceutical and healthcare industry is the most research-intensive business sector in the UK. In 2018, the pharmaceutical industry alone undertook over £4.5 billion of research and development. COVID-19, in particular, has been a major disruptor in global healthcare and the sector has witnessed a burst of innovation on an unprecedented scale in the race to find vaccines and treatments.
The R&D tax relief scheme is an opportunity to claim a reduction in corporation tax of up to 24.7% of qualifying expenditure, or, for loss making companies, a payable tax credit of up to 33.35% of qualifying expenditure. The relief is available to companies which can demonstrate technological or scientific improvements – which means there are real opportunities for pharmaceutical and healthcare organisations.
At YesTax we’re continuously securing valuable R&D tax relief for clients in this sector. Here are a few examples of recent qualifying projects:
- The design and development of a male and female pre-wet ready to use hydrophilic catheter, delivering enhanced comfort for the patient.
- The development of a food supplement which would help reduce the risk of UTIs and cystitis
- The development of new, non-routine methods to ensure low friability of tablet-form health supplements.
- A research project into the efficacy of a nasal spray designed to prevent Covid-19 infection.
It’s essential that companies in this sector assess their eligibility for this value tax relief. Whether you are making a claim or not, there isn’t a question we can’t answer, so please get in touch for a no obligation discussion.
Email us at hello@yes.tax or call us on 0114 5537850