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

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, 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 Group, R&D tax credit consultants, has helped its clients identify over £135 million in eligible R&D expenditure.

Find out more about R&D Tax Credits