💹 The #skincare market in the UK is currently valued at US$4.48 billion and is expected to see an annual growth rate of 1.64% from 2023 to 2028. The market focuses primarily on facial, body, hand, and foot care products that highlight the use of natural and organic ingredients. The competition in the skin care industry is intense, requiring constant #innovation to keep up with consumer's changing demands.
💰 Companies operating in the UK skincare industry can benefit from research and development tax relief. This is because skin care experts and #chemists actively research and develop, contributing to a range of new or improved products 🔎 . Substantial capital investment is required to devise new chemical #formulas, identify natural ingredients, and devise new processing equipment, ensuring the creation of unique #formulation processes and products that are both safe and effective💡.
✅ At #Elevaterds, we understand the difficulties businesses face while dealing with the intricate R&D tax credit scheme. Elevaterds offers a specialised R&D tax consultancy service to help companies maximise the benefits of their #innovative endeavours. We work with you to ensure that your qualifying R&D activities result in a reduction in your corporation tax bill or a cash payment.
Let us support you access the R&D funds needed to make the most of your innovative pursuits.
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