Cannabidiol, or CBD for short, has become more and more well-known over the past few years. The supposed benefits of using the product, often in oil format, include;
Although CBD is a derivative of the marijuana plant, its use does not produce a high and it is entirely legal in the UK.
There are a great many businesses who have started producing products in the CBD space, including developing ranges in skincare, food and drink products as well as vaping oils. What many of these businesses do not realise is that it’s likely they are eligible to claim tax relief on the developments that they are carrying out.
Research & Development (R&D) tax relief is awarded to companies investing in innovation. This isn’t restricted to any industry, but rather any company which is developing new systems, processes, products, materials, devices, or any changes to the way a business works.
There are a great many examples of research and development within the CBD industry, including (but not limited to):
Eligible costs include the staffing costs, subcontractors, Externally Provided Workers (EPWs), consumables, software, prototypes and payments to the subjects of clinical trials.
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 CBD usage, 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 the CBD space, get in touch with us today. We have a dedicated in-house R&D team ready to advise on whether you could be eligible.