Life sciences is a sector that sees plenty of investment, and the adoption and creation of new technologies on a regular basis. In fact, government has identified life sciences as one of the key sectors in which the UK is a global leader, and perhaps this is why businesses in this sector are such excellent candidates for R&D claims.
How can life sciences businesses benefit?
Life science is a huge industry, and an innovative one at that, worth an approximate £50 billion to the UK economy (nice going, life science businesses!).
If your business operates in this sector, then there are probably a lot of things that you’re doing that can be a part of a strong claim, including:
- The creation of new devices or pharmaceuticals
- The alteration of processes to manufacture existing devices or pharmaceuticals
- A new production line or facility
- Gaining accreditation or permission to sell a product by the relevant authority
- Scaling up processes as demand increases
- Continuous improvement teams
- Repurposing existing products
- Hardware and software systems needed to facilitate the above
While it’s all well and good to say, “Yes, we do all of that, can we get some money, please?” the key to a successful R&D tax claim is to present things in the right way for the tax man (and fight your corner when needed) – which can be the tricky part. Knowing how to do this effectively is only something that you get better at with a lot of experience – which we’re very blessed to already have at Lumo.
Can you do your own R&D claim?
Yes, of course you can! In the same way you can do all of your company’s accounts, marketing, sales, and everything else. It is possible. But most of the time we leave the trickier, more specialist and time-consuming jobs to the experts (by hiring them or outsourcing the work).
If you do decide to do your own R&D claims, that’s great – we want to see more companies taking advantage of this awesome government initiative! However, if you’d like us to take a look, and make the process as easy and simple as we do for hundreds of other businesses, then get in touch and we’ll be happy to save you the time and disruption.