Plastic is everywhere in the UK. Despite its benefits, there has been a huge clamp-down in recent years due to the negative impact it has on our planet in its unbiodegradable form.
Mainly manufactured from oil-based polymers, their uses are almost endless in modern society; however unfortunately we are now seeing the effects of billions of tonnes of plastics ending up in landfills or our oceans.
Although the problem will not be solved overnight, there are a huge amount of companies investing in innovation within the plastics sector. The increased focus on this area has also meant the demand for biodegradable plastics has also increased.
One great example of this is the banning of plastic straws in the UK, beginning in April 2020. The negative impact that straws were having on nature were first highlighted by David Attenborough in the Blue Planet series, and quickly made its way into mainstream media.
Since this, a huge number of innovative new materials for straws have come to market including paper, bamboo, straw and plant starches. The amount of research & development that would have been involved in getting these to market would almost certainly be eligible for tax relief!
Research & Development tax relief (R&D) is awarded to companies who are investing in innovation. This could include developing new, or improving existing products, processes, services, devices and materials or advancing the state of knowledge in their sector.
Within plastics specifically, this could include:
Catax can help support your business with an R&D claim
If your business is taking part in any of the above, or other activities relating to the advancement of technology in the plastic industry, you could be owed thousands back in tax relief. The range of R&D is wide and touches many areas that haven’t been described above, however if you are developing products or services in any areas of plastic manufacturing and development, get in touch with us today. We have a dedicated in-house R&D team ready to advise on whether you could be eligible.
0300 303 1903