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 credits 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!
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.
Danielle Allen – Business Support – TBAT Innovation