Life Sciences
Scotland has a vibrant and world renowned Life Sciences sector, with pioneering researchers, a strong track record in bringing innovative products to the market and proactive participation in international partnerships.
Why work with us?
Our team supports organisations across this wide-ranging sector from start-up to commercialisation and right through to those doing business in international markets. We have a unique blend of team members with scientific backgrounds and specialist tax expertise.
Our key focus is to ensure that tax reliefs for our clients are maximised, including research and development tax credits and Patent Box. Our core accountancy and tax services are complemented by guidance on funding for early stage companies, cross border VAT advice, assistance with the Enterprise Investment Scheme (EIS) and the Seed Enterprise Investment Scheme (SEIS) and also exit planning.
Collaboration is of fundamental importance in this sector, given the costs associated with making advances in the life sciences, plus the increasing impact of an ageing population. Our ‘hands-on’ knowledge of this sector comes from the many different projects with which we have been involved. For example, we work closely with Edinburgh University, providing business start-up clinics for spin-out companies and as members of BioDundee’s Steering Group we are closely involved in directing the activities of the organisation.
We also conduct grant work for a multinational pharmaceutical company, a global supplier of tools and technologies for the lifescience industry and a manufacturer of vitro diagnostic tests for clinical laboratories.
Our work in this sector
We have worked with Cyclacel, a biopharmaceutical company specialising in the development of drugs for the treatment of cancer. We prepared an R&D repayment claim and an RDEC (Research & Development Expenditure Credit, also known as ‘above the line’) tax claim, resulting in a significant cash repayment for the client which was paid four weeks after the accounts were signed.
We also conducted a Patent Box feasibility study to establish if the company was eligible for the new tax relief. This was an interesting project which addressed a number of key technical issues.
We were delighted to work with Cyclacel, a key innovative company in the Scottish Bioscience sector. The work was carried out, on time, on budget and the client was happy with the outcome. We will continue to work with the client as they take their development to the next stage.
Meet our Life Sciences team
Rod Mathers
Partner