Health & Social Work - 100% year-on-year increase in the monetary value of R&D Tax Credits benefit

Author

Yolande Hanna

Send Yolande an Email

Health & Social Work - 100% year-on-year increase in the monetary value of R&D Tax Credits benefit

HMRC Statistics Tax Credits health social work

The recent HMRC R&D Tax Credits statistics revealed a 59% year-on-year increase for SME companies in the number of claims in the health and social work sector. However, the value in monetary terms of benefit this sector received for their investment in innovation was a significant 100% year-on-year increase.

The volume of all R&D Tax Credits claims within this sector went from a year-on-year increase of 290 million to 460 million in 2017-8 for SME companies.

Andrew Cowan, Senior Technical R&D Consultant, Momentum Group
Andrew Cowan, Senior Technical R&D Consultant, Momentum Group

Andrew Cowan, Senior Technical R&D Consultant, Momentum Group, commented:

Revolutionary improvements through knowledge and technology such as artificial intelligence, biosensors & trackers and telehealth have greatly impacted this sector. One of our client’s was rewarded with £25K in R&D Tax Credits benefit for their advancements in social care strategies.”

Companies who are making appreciable improvements to new processes, products or services in the health and social work sector could be eligible for significant financial benefits for their innovation.

Since its inception, Momentum has helped its clients identify over £135 million in eligible R&D expenditure.

Find out more about R&D Tax Credits

Access proactive business development support

Momentum Group’s expert team wants to help you to grow your business.

Fill out the form below to stay up to date with the latest R&D business insights, opinion and news.

By submitting your email address, you agree to receive updates from Momentum Group in accordance with our Privacy Policy. Unsubscribe at any time.