A new cosmetics company UpCircle Beauty received thousands of pounds through the HMRC R&D Tax Credit Scheme to reward them for developing their range of innovate skincare products. This is good news as it has potentially opened opportunities for other cosmetics companies to benefit from this government cash boost.
The beauty industry is consistently challenged to find alternative chemical product formulations that meet both the natural skincare trends as well as the need for sustainability. A highly competitive industry, brands must innovate to gain a competitive advantage. This comes with risk in terms of time and finances, HMRC will now help to reduce that financial risk by allowing cosmetic businesses to claim back up to 33% of their staff, sub-contractor and consumables costs for the past 2 years.
Optiat Ltd specialises in the development of innovative natural cosmetic products that exploit and contribute to the concept of the circular economy. Under the brand, UpCircle Beauty, elements destined for waste not usually employed in the development and manufacturing of cosmetic beauty products are repurposed to create fantastic natural cosmetics. The innovation of the brand presented a classic Research and Development Tax Credits claim based on the advancement of science and technology.
Founder, William Brightman was spotted on the BBC TV program by Datafox R&D Tax Credits expert, Nick Cook. On learning of the scheme, William was astonished to learn of the additional funding potential not being previously aware of the scheme’s existence. In a straight-forward process that required no upfront payment by UpCircle, the company was rewarded with a cashback payment within weeks.
William commented, “Datafox made what can be a complicated process seem easy for us with the support throughout the claim.” He added, “The R&D Tax Credits scheme presents a real opportunity for businesses involved within the cosmetics market to gain the much-needed funding required to innovate.”
Datafox Nick Cook stated, “UpCricle Beauty has a fantastic product that benefits both its customer’s as well as the environment.”, “It was a delight to work with William and help secure funding that will help the brand move forward.”
Being specialists in the Cosmetics industry means Datafox understand your business. Resulting in our team of claims experts knowing to successfully process your claim quickly and accurately keeping you informed of the progress at every step.
There is no risk involved. No upfront payment, and in the unlikely event your claim is declined, there is no payment required by your business.
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