Your dental practice or dental laboratory may be eligible for a corporate tax reduction or cash benefit thanks to a government scheme.
It is surprising how many dental practices and dental labs in the UK are not aware of what R&D tax relief is and that they might qualify for this incentive.
It’s a government scheme, aimed at fostering investment into new science and technology. It’s available to businesses who’ve invested in advancing research and development in their field.
The Research & Development Tax Credit allows qualifying dental practices and dental laboratories to reduce their income tax liability in the current year, and file a claim for a refund for taxes paid in the previous three years.
To qualify, you must’ve completed or are currently completing a project(s) that seeks to advance the science and technology of your company’s industry, i.e. dentistry, facial aesthetics, oral health, etc.
Your project(s) must:
- look for an advance in science and technology;
- have had to overcome uncertainty;
- tried to overcome this uncertainty; and
- could not be easily worked out by a professional in your chosen field
Project examples for dental practices and dental labs:
- Projects aimed at improving clinical results and success rates
- New bonding materials and processes
- Research into different bone grafting techniques
- Technological advances in 3D printing
- Trials in decontamination
If you’re interested in finding out whether your dental practice or dental lab qualifies for R&D tax relief, then get in touch with our dental finance expert, Robin Hoque from Acumen Finance UK.
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