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HOME / KNOWLEDGE / Jeffreys Henry secures R&D Tax Relief for Organic Skincare Manufacturer

Jeffreys Henry secures R&D Tax Relief for Organic Skincare Manufacturer

R&D tax relief credit for cosmetics and skincare

R&D tax relief credit for cosmetics and skincare

Research and Development (R&D) Tax Specialists at Jeffreys Henry have secured over £30,000 in R&D Tax Relief for a Soil Association certified skin care manufacturer.

Introduced by the UK Government in 2000, R&D Tax Relief is a key part of the government’s strategy to support innovation in the UK by allowing businesses to reclaim some of the money they have spent on developing a new, or improving an existing, product, service or processes.

Read more on the HMRC website.

R&D TAX RELIEF CAN BE SUBSTANTIAL

Loss-making companies can claim an R&D Tax Credit repayment from HMRC of up to £33.33 for every £100 spent on qualifying R&D expenditure.

Profit-making companies can claim R&D Tax Relief which reduces their corporation tax bill by up to 230%.

Qualifying R&D expenditure includes staff costs, subcontractors, ingredients, materials and equipment used for testing, utilities (power, water and fuel) and computer software.

Our research has indicated similar skin care and makeup brands, including free-from ranges are missing out on thousands of pounds worth of R&D Tax Relief that can help to fund the cost of new employees, equipment or re-invest in further innovation.

Despite the benefits, a very small number of beauty, skin care and cosmetic brands have ever submitted a claim to HMRC because of its perceived complexity and a misunderstanding of what constitutes qualifying R&D activity.

RESEARCH AND DEVELOPMENT TAX RELIEF IN SKIN CARE

The above mentioned natural skin care manufacturer demonstrated how they replaced chemical based compounds with natural, environmentally friendly ingredients that has the same or alternative benefits to skin care as chemically based products without compromising on shelf life and overall quality and integrity.

R&D PROJECT

To quality, a company needs to have a systematic project in place, and the work which you are undertaking must be seeking to achieve an advance in science or technology, e.g. development a new product, process or service, or appreciably improving an existing one.

A qualifying project is one where there is an advance (or an attempted advance) in a field of science or technology. This sounds quite restrictive, but in practice it could apply to any company and in any industry. The term “Science” is very broad and can include Computer Science, Food Science, Engineering, Medical / Clinical Research etc.

Generally, where a company has faced technical problems that have to be solved and there is no standard solution which could be utilised, then that is a good indicator that R&D activities are taking place.

Read more about Research and Development Tax Relief

R&D tax relief credit for cosmetics and skincare

INTRODUCTORY MEETING

CONTACT US TO ARRANGE AN INTRODUCTORY MEETING, OR FOR A QUOTE.

R&D Tax Specialists Parminder Chattha

PARMINDER CHATTHA

Partner - Corporate and R&D Tax


Parminder specialises in Research & Development Tax Credits, leading the R&D department at Jeffreys Henry. Since joining the Firm in 2015, he has been working closely with both SMEs and large businesses to analyse and maximise their Research and Development claims. He has so far secured over £100 million in R&D tax relief and credits for our clients.
Jeffreys Henry secures R&D Tax Relief for Organic Skincare Manufacturer

KATE GREENHOUGH

Corporate and R&D Tax Director


Kate is a CTA-qualified tax specialist with significant Corporate and R&D tax relief experience. She has over 10 years of specialist experience preparing and optimising R&D tax relief (under SME and RDEC) and Patent Box claims in line with the latest HMRC guidance.
Bhimal Hira
Bhimal Hira

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Jeffreys Henry LLP is a Limited Liability Partnership registered in England and Wales with registered number OC306971. Registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. Details about our audit registration can be viewed at www.auditregister.org.uk under reference number C001108797. VAT Registration Number 243307782. A list of Partners is available for inspection at the below address. Jeffreys Henry Audit Limited is registered in England and Wales with Company number 13172931. Registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. Details about our audit registration can be viewed at www.auditregister.org.uk under reference number C008924259. VAT number 374306694. A list of Directors (who we also refer to as Partners) is available for inspection at the below address. Jeffreys Henry Business Services Limited is registered in England and Wales with Company number 13128469. VAT number 369869417. A list of Directors (who we also refer to as Partners) is available for inspection at the below address. Each entity’s registered office is at Finsgate, 5-7 Cranwood Street, London, EC1V 9EE.
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