Creating a CRM
This is a database that can be used by health professionals to monitor and track their R&D projects across the board.
Proof of Concepts
As well as scaling up activities, it's important to keep tabs on proof of concepts as it may be needed to backup the claim.
Research on Sustainability
Undertaking research into ways of becoming more environmentally friendly with any product or service.
Research & Developing Prototypes
The creation of an early model which has been built to test a process against a criteria that your company has set.
The rules of R&D are not exclusive to the above list. They are put into place to reward and refund those who are dealing with uncertainty.
When adusting pre-existing drug formulations. These should be done for efficacy improvements. However, there are plenty of other reasons that could qualify when adjusting formulations.
The creation of an early sample, model which has been built to test a process against a criteria that your company has set. This includes the whole process from the start research to development phase.
It’s important to track the data and results found from these trials as well as the procedures taken to get to the conclusion of the trial.
Partnering with developers for new I.T and software technology where they are usually recruited as an agency.
The whole part of the process is to show intention of R&D, even if the process fails, it’s important to produce the technical documents that support the R&D project for future references.
Meeting new regulatory requirements is important especially with growing environmental concerns. Recycling and disposing of waste responsibly is a strong claim.
If you rely on a third party to help with part of the R&D process – this isn’t an issue! You can still use These claims are qualifying expenses for the R&D tax relief scheme.
A large majority of R&D Tax Relief claims involve staff costs, these costs can be encountered for staff who are involved in the R&D project either directly or in-directly.
A direct staff cost that is claimable is the expertise or advice from a competent professional, this is usually someone in a senior position in the industry that has had a direct involvement or effort in the R&D project, or a member of staff that has a defined and technical role that is actively involved in the project.
An indirect staff cost is still valuable in the process of your claim, it covers the ground of members of staff that help to enable R&D by being part of the management process or help to support the R&D taking place.
Externally provided workers (EPWs) are temporary workers on your R&D project, they are often sourced from an external agency who is responsible for their contract. The expenses spent on EPWs are still eligible for part of your claim, in fact you can claim up to 65% of tax credit relief on them no matter how big or small your company is.
A consumable item is any item that is used or transformed whilst in the process of undergoing R&D activity. It includes items such as raw materials, software licenses or even stock used in your project.
The idea is that these items no longer have any use after the project as they are so consumed by the activity undertaken and can be counted as qualifying expenditure.
The utilities that you use during your R&D activity, such as heat, light, power and water are all eligible to claim back with your tax relief claim. You just need to work out the proportion of each of them that was used during the activity.
This can be difficult to work out, however that is where we are here to help you with at Direct R&D using the knowledge and experience of our expertise advisors.
At Direct R&D we aim to work with businesses in the Science & Medication sector as the opportunities for claiming R&D tax relief can be endless, especially for larger companies, those as part of a medical supply chain . If you are seeking to resolve an uncertainty by creating a unique process that you have researched in depth and tested then the chances go you being eligible for R&D tax relief again is high.
Here at Direct R&D our expertise advisors can help you submit your claim for minimal costs! By tackling your projects from an R&D perspective, it could not only be beneficial to your own business but the sector as a whole as well as making an impact on world wide environmental and food production issues or improvements. As long as your project has an innovative idea which is developed and tested you should be able to seek the benefits again of R&D tax relief.