R&D Tax Credits for Beauty & Cosmetics: over £35,000 funding claimed by UK Hair Salon & Beauty company under HMRC scheme.
Today, we wanted to highlight an example of a success story of R&D Tax Credits for Beauty & Cosmetics. At R&D Expert, we are increasingly identifying many companies working in the sector that could benefit from this important source of funding. Many more businesses can increase funding for further innovation by claiming as much as they are entitled to in R&D Tax Credits for Beauty & Cosmetics product development.
London-based company invested in research and development (R&D) by developing new hair accessories products for the Beauty & Cosmetics sector.
Unfortunately, due to confusion over the government-backed funding, many companies are yet to claim the tax relief or cashback they deserve. We generally see businesses falling into two categories. First of all, businesses that are yet to claim at all as they do not realise they are eligible. Another scenario we regularly see are businesses not receiving the credit they deserve because they have not optimised their previous claims. However, we have many examples of previous success stories.
This successful R&D claim example related to the development of an innovative detangling hairbrush. A key innovation was that it can be used on wet & dry hair and can be used as a blow-drying brush due to being heat-resistant. Consequently, the upmarket hair & beauty company successfully claimed over £35,000 against eligible expenditure. They created the new product over multiple iterations, after obtaining feedback from salon clients via stylists & technicians. As a result, the range of hairbrushes is now extensive & the design is patent-pending.
How do I know if my Beauty & Cosmetics company could claim R&D Tax Credits? Consider:
- Do you develop new or regularly change the way you make products?
- Do you undertake activities that seek to improve products, materials, processes, services or devices through technological or scientific changes?
- Have you faced technical product or process challenges that you have tried to resolve?
- Do you develop software, IT solutions or products?
- Have you sought to develop or improve your manufacturing or engineering processes?
- Have you improved or sought to improve manufacturing, process or service efficiency or costs?
- Do you undertake sampling, testing, trials or develop prototypes or tools?
Free R&D consultation
We are here to help. If you would like to know more about R&D Tax Credits for Beauty & Cosmetics or you would like to arrange a free consultation with our team of R&D Experts, get in touch today. We will be happy to discuss whether any innovative projects your company has developed may be eligible for R&D Tax Credits. Apply now or get in touch with us today: firstname.lastname@example.org T: 020 7993 4220.