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Are you looking for assistance with claiming R & D Tax Credits?
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Health R&D Tax Credit
The UK healthcare sector is one of the major beneficiaries of R&D credit tax. It is actually the second largest R&D tax credit beneficially after the electronics and computing sector. In the next couple of years, the sector may be the top on the list of the industries that benefit most for their research and development activities. One of the reasons why the health sector is one of thebiggest and most sensitive industries is because a lot goes into making the sector a success.
We are talking about the small details that can make the sector either a complete failure or a total success. We are talking about life or death situations encountered in the health care sector, the evolving patient care, financial and clinical outcomes and much more. All these involve huge sums of investments and in order to achieve success, many health care facilities use the latesttechnology and employ different it solutions.
Other than IT, the healthcare industry also spends much of its time on other research and development activities. These range from coming up with new and improved pharmaceutical products, to improving the existing ones. Some of the areas that take up most of the budget in the health sector are clinical development and the pre-clinical research. It is however best to understand all the areas that qualify for R&D tax credit in the health sector.
What areas and activities qualify for R&D tax credit in health?
The following areas and activities all qualify for R&D tax credit in the health sector
• Developing software applications to improve service delivery
• Enhancing algorithms for better computer processes which include compression of healthcare data, searching for files and sorting data
• Developing software solutions for electronic media records
• Developing software that will comply with the evolving industry standards and regulations in the UK and abroad
• Developing new pharmaceutical products and improving the existing ones
• Testing and creating new product proto types
• Manufacturing of clinical trial experimental pharmaceuticals
• Researching on better stability and shelf life of products
• Developing and designing new and better technology, medical devices and equipment
• Improving the current technology in place to work well with the new discoveries in technology trending worldwide
• Finding ways to reduce side effects of pharmaceuticals
• Testing the performances and functionalities of every new machinery
• Home care health monitoring using technology devices that could also bring down diseases like heart problems
• Using 3D printing for prosthetic and biomechanical advances
• Using mobile health apps for some sectors like the mental health
The above activities are some of those that qualify for R&D tax credit claim. Other areas that also qualify are;
Costs that qualify for R&D tax credit claim
• Costs incurred for Direct and indirect staff that carry out research and development activities in the health sector. This also includes wages, pension contributions and NICs
• Cost of all the materials used for research and development
• Payments to third parties (subcontractors) that help to solve uncertainties in the technological activities
• Cost of wearable like lab coats and activity trackers
• Utilities like lighting, power and heating
• Software licenses
How can you know whether your healthcare company qualifies for R&Dcredit tax claim?
If your sector does any of the things mentioned below, then you definitely are the right candidate for R&D tax credit claim
• Doing something challenging to make improvements on the products or activities in the sector
• Taking any kind of risks in trying something completely different to achieve better products and services to the patients
• Investing effort and time into coming up with gains efficient enough for everyone concerned
• Employing highly skilled technicians and scientists in the sector
• Purifying chemical compounds to use in some diseases
• Making losses
• If there are uncertainties with the project, you are undertaking
How do you claim for R&D tax credit?
The process may be quite complex especially if you are doing it for the first time but as long as the healthcare company is using innovations to advance technological or scientific knowledge, then you do not have to worry. You can choose to complete an R&D claim form all on your own or we can have a team of experts to come and guide you through the process.
R&D tax credit team will also give every advice on what qualifies and is eligible for the tax claim and explain to you about the payouts. T find out further on how you can benefit and get help, explore our site on everything concerning research and development and the tax credit claims. The website is https://wwwrdtaxcredit,org,uk