Getting back what you put in
Updated: Feb 19
Client Focus: Welcome to Ayming, R&D Tax Rebate Specialists.
Ok, stick your hand up if you're a CBD company in the UK who doesn't know that they can claim back on all cannabinoid testing done on your products over 2 years?
I spy with my little eye, something beginning with 'loads of you'.
So what if we expanded on that; how many of you know that if you keep all records of your Research and Development expenditure there is the potential to claim back up to 33% of your overall cost AND continuing costs to ensure that your products are exactly how you describe them on the label?
So here's the big question, what qualifies as R&D?
Sam from Ayming: "Everything can be looked at in an R&D perspective, from seed to product there's always the potential for innovation. Ayming are here to help you get the most out of your projects, and most importantly get you something back for your hard work"
'Everything' is an appropriate word here, because there's not a single part of the CBD industry that cannot be looked at, for example...
Farmers more than anyone are constantly engaged in Research & Design projects; from analysing soil types, the constantly changing pool of seeds available in the EU approved strain list and ever changing weather conditions means they are constantly battling to get the best out of their acreage.
So what if you're trying a new strain to find its suitability to your local climate, or found a new eco-friendly way to revitalise your soil? And what if you're about to develop a new farming practice that will increase yields?
These can all be claimed back on, with consideration placed on: Staffing costs, electricity & fuel, material costs and analytical services (Labs).
And then there's CBD product manufacturers!
Innovation is key to getting your name out in this industry, and the diversity of available products on the UK CBD market shows that we're in a forward facing industry. So for the benefit of this blog I'm going to pretend I've just made a brand new CBD or hemp based product.
Picture this, I've a new sub-lingual CBD oil. It is different to others on the market because...
That's instantly comes into the realms of R&D, and to get the best out of this Government initiative a few aspects need to be considered:
Sam: "R&D isn't just a case of popping into the lab and walking out the next day with a new product, the clue is in the title! Are you altering the delivery mechanism, or its intended function? How do you ensure that the target strength is achieved or if the product would pass a stability test? These are just a few of the areas that we can help you recoup costs from"
As well as what Sam has indicated, I would also be able to claim back on: work hours, electricity/gas, one off payments for specific machinery, materials/ingredients and any adaptions made to make my product. This also include all lab reports, stability tests and even Novel Applications both for the creation of the product and for as long as the product is on the shelves.
To me, this is a godsend to small and large businesses alike, and it's not just for CBD or hemp focused companies.
Sam: "R&D tax rebates are open to all industries, after all it's how business evolves and how the UK stays competitive on the global markets. Whether it's a new product, an environmental project or innovation that takes any business to the next level, we would love to say hello"
Ayming don't just operate in the UK, there are Research and Design tax breaks in pretty much every country on the planet of which they can help you get direct access to. They can also help with EU/UK grant funding, Innovation Management and Sprint Claims.
For more information on what qualifies as Research & Design tax rebates or to see if you're eligible, click here or contact Sam through firstname.lastname@example.org and don't forget to say the Hemp Hound pointed you in his direction.