The medical field, with its many subfields, provides a fertile ground for both theoretical and applied study. However, many businesses in this field fail to take advantage of medical research and development tax credits due to some wrong assumptions such as:
Companies that incur losses are unable to file claims.
They cannot claim the R&D because it has been sold to another business.
The attempt was a failure.
A portion of the project was outsourced.
Credits like this may be a huge boon to a sector that relies heavily on constant innovation and improvement.
Some ways Medical Sector Benefits from R&D Credits
The medical industry is dynamic, responding to new regulations, expanding scientific knowledge, and searching for commercial efficiencies. Medical research and development efforts can be eligible for tax credits.
Software is being developed to coordinate the efforts of different healthcare facilities and organizations, such as nursing homes, primary care trusts, and general practitioners.
The development of painless injection methods and novel stent designs for cardiac procedures are examples of such devices.
Lab work involves experimentation with chemicals to develop new, practical products, such as medicines for treating asthma, high blood pressure, and headaches.
Refinement of currently available pharmaceuticals by lowering toxicity, increasing effectiveness, or modifying dosing.
Prototype creation, development, and testing.
Testing hypotheses to see if research and development efforts pay off.
The CAPS-IT Benefit
HMRC's financial incentive for R&D is available to businesses of all sizes, like Profitable SMEs, Loss Making SMEs, and Large Companies.
The claim will be denied if it does not comply with HMRC's instructions and tax law. This, along with a reluctance to engage resources in claims, is why many businesses do not submit claims. This is where our team of specialists comes in. Within the first ten minutes of an initial phone call, we can assess your company's eligibility for Medical R&D Tax Credits.