R&D Tax Credits for Luxury Cosmetics: over £16,000 government funding claimed by UK Luxury Cosmetics company under HMRC scheme.
Here, we look at an example of a further success story of R&D Tax Credits for Luxury Cosmetics:
Emerging luxury colour cosmetics company invested in research and development (R&D) by developing and redeveloping 4 new Luxury Cosmetics products for the Beauty & Cosmetics sector.
This successful R&D claim example was for a company that received over £16,000 as a result of their R&D claim. The innovative cosmetics company develop a range of luxury cosmetic products. The product range includes new lipsticks & concealer products. Their claim relates to 4 R&D projects aimed at resolving defective packaging & product formulation issues. These included the resolution of lipstick packaging problems. Here, these caused the product to become misshapen & not fit, causing the lipstick to become damaged. A further project sought to resolve why a formulation of liquid lipstick caused the applicator to ‘melt’ and become detached. Another R&D project investigated concerns over the formulation of a discontinued concealer pen where the viscosity of the product was causing customer complaints. The final project created bespoke tooling & packaging to replace damaged foundation tubes.
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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 Luxury Cosmetics product development.
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. So, it is always worth speaking to a Specialist. Because only the minority of cases are straightforward.
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 Luxury 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.