R&D claim secured for new healthcare client

We recently assisted a new healthcare client with their first R&D claim after they contacted our EQ Taxperts to discuss whether they were eligible. The business was set up as a company, so as it was subject to UK corporation tax it could therefore make a claim if it met other criteria to qualify for R&D tax credits. The company had two main projects, one involved developing a new type of equipment to assist healthcare professionals, and the other was the development a new app to allow quicker and more accurate reporting of medical data.

After discussing the nature of these projects, we determined they were both qualifying projects for R&D purposes, and the company also had qualifying R&D costs in relation to these projects. As some of the costs were part funded by other grants the company had obtained, we advised the company on the eligibility of their different costs and on the R&D tax credits available to ensure they obtained all of the tax relief they were entitled to.

Although the final claim was for less than £10,000, when the repayment is processed by HMRC it will provide important funding to allow the business to continue to develop its innovative ideas. We were also able to complete the claim from start to finish under lockdown conditions and undertake all work remotely for our client.

Rachel Bell, Partner, commented, “As a member of the R&D and healthcare team, I helped our new client throughout this process to ensure they can reinvest their savings in the company. In the current circumstances, cash flow is crucial and there are many companies in the healthcare sector who may be eligible to make R&D claims and would benefit from the cash inflow of an R&D repayment. At EQ, we offer a no obligation discussion to assess your eligibility, so I’d encourage any company who have undertaken problem solving activities to adapt or create new processes or products to get in touch.”

If you would like to discuss whether your company may qualify for R&D Tax Credits, please get in touch with our EQ Taxperts on 01382 312100 or email taxation@eqaccountants.co.uk.

Alternatively, for more information or advice on any matter affecting your healthcare business, contact our EQ Healthcare specialists on healthcare@eqaccountants.co.uk  or call our offices.