R&D Cash Incentives Scheme
Although the Government has implemented measures to support businesses during the current COVID-19 pandemic, the Coronavirus Business Interruption Loan (CBIL) Scheme has become inaccessible to many and even those fortunate enough to receive some help may still be left struggling to stay afloat. As such, the effect of the pandemic on the dental industry will force a number of practices to permanently close.
However, there is an alternative way to obtain access to funding from the Government and help your business. This is in the form of R&D Cash Incentives.
The R&D Cash Incentives scheme is a UK Government initiative that has existed since 2000 for limited companies. The scheme aims to promote innovation, create jobs in the UK and attract foreign direct investment. Most people typically associate the words “research and development” with scientists in white lab coats and the latest ground-breaking technologies. However, the scheme has a much broader scope, covering industries as diverse as Dentistry and the specialisms within.
Practices that are pushing the boundaries in their field can recover up to 33% of their expenditure made on associate costs, staff costs, materials and energy costs, software licences and agency staff. This benefit comes as a cash refund or cash credit. It doesn’t matter if someone else has achieved the same end goal or if the sought treatment fails; it is however key that you are seeking to achieve an advance in knowledge in the field. Importantly, you can retrieve these costs for the past two completed financial periods as well as annually going forward. Therefore, you can benefit from a significant cash injection even if your company is closed during the pandemic period. Your practice does not need to be paying tax to benefit either, as even loss-making companies can receive cash.
The industry experts at GKA Innovation are significantly experienced in the dental practice industry and have successfully worked with a multitude of large and small entities with a range of capabilities in all fields of dentistry. Our technical experts were the first to provide R&D cash and tax incentives to dental practices in the UK. We pride ourselves on speaking the same language as dental practitioners and specialists, so you can be sure that your activities will be thoroughly evaluated and any claim we put forward will be optimised. We offer practices a uniquely efficient and educational approach to unlock available funding avenues in a comprehensive and non-disruptive service that can be completed in one meeting or conference call. We have the capability of turning the process around in under a fortnight and HMRC are currently actively looking to accelerate processing of any submission payments of any claims with the aim of processing them within 28 days of submission. This can be a potential lifeline to your practice and keep you afloat in the current stormy financial climate.
If you are or your associates are specialists, or if you wish to find out more about your eligibility for various funding schemes you can get in touch with our dental department on firstname.lastname@example.org or call us on 0207 603 6626.