R&D within science-based is not only for those in lab coats, it spans much broader than that with the majority of costs falling in the day-to-day activities of running a cosmetics or pharmaceutical company.
When interpreting the term ‘R&D’, many companies may not associate themselves being involved with any R&D activities. The R&D tax credit scheme encompasses a broad spectrum of activities, ranging from minor product tweaks to the development of new vaccines for life-threatening illnesses.
When working within a science field, minor tweaks or enhancements to formulas or processes can have a major impact to the end use, however very rarely is the product or treatment successfully produced in the first instance. The time consuming and methodical approach companies take in assuring their products meet the needs and demands of their client, is being rewarded for being maintained in the UK, rather than outsourced from overseas.
There are many qualifying activities within the cosmetics and pharmaceuticals industries, including:
Modifications to existing processes:
Modifications to existing formulas:
New Product Development:
R&D claims in this industry can vary massively, with amounts ranging from around £2k to millions of pounds.
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