Claim Valuable R&D Tax Credit in Pharma
By admin
Published On August 10, 2020
Below we discuss how a technical consultant’s involvement in the preparation process results in a significant claim increase. We refer to these as “high hanging fruit” as it takes an industry expert in the field of science and technology and in R&D to identify and determine such rewards.
Example | Pharma Industry R&D Tax Credit
A company had prepared a large commercial launch of a product, while testing its properties. A short time before the planned launch, the tests showed that the product could not be launched to the market. This meant that all the efforts that company undertook while preparing for the launch remained uncompensated.
Commercial production is not a valid activity for an R&D claim. Since the launch was supposed to be commercial, the company did not consider the work as part of valid R&D. Nevertheless, the consultant was able to identify the pockets of R&D qualifying work that were eligible for the claim.
Once the corresponding narrative was drafted a significant part of the expenditure was added to the claim. The company was able to recover above €1,000,000 that otherwise could have been lost.
Braithwaite’s technical consultants assist companies with efficient identification and preparation of their R&D work, as well as developing processes for proper tracking of information. However, having mentioned this, identifying and determining R&D work for claim submission involves the experience of a trained professional who is an expert in each relevant industry.
Trust the R&D experts at Braithwaite Ireland with your next R&D Tax Credit Claim by contacting us today.
