Patent Box.

Reduce your corporation tax to 10% with Patent Box

Did you know there is a scheme that can help reduce your corporation tax?

Patent Box is an initiative under the government’s ongoing UK business growth agenda. It presents a financial tax incentive to innovate and commercialise technology within the domestic market. We work with our sister company 360 R&D to provide a comprehensive and fully integrated Patent Box analysis and submission service.

As a specialist engineering development company we are also well placed to identify and develop unique IP opportunities, which not only provides a competitive advantage but may also be applicable to the Patent Box tax relief scheme.

 

> What is ‘The Patent Box’?

The Patent Box scheme is a HMRC tax relief incentive which enables companies to apply for a lower rate of corporation tax on income earned from exploiting patented inventions. It will allow a reduced corporation tax from 19% to 10% on all income made from exclusively licensed patents.

In 2016-2017 over £1 billion was claimed. However it is understood that over half of UK companies are unaware they are able to gain a lowered corporation tax if they own or develop a patent.

Who can benefit?

Any UK registered company that is liable to corporation tax and makes a profit from exploiting patented inventions. The company may also exclusively license patents from a third party, and still benefit fully from the tax incentive.

The Intellectual Property itself does not have to apply to an entire product, it could for instance be an essential component in a larger or more complex system. In many cases the tax relief would be applicable to the profits made from the larger system utilising the unique IP.

If you are unsure whether your products, or systems may qualify feel free to contact us with your questions or queries where will be most happy to assist.

What do we do?

Unlike some consultants, who simply offer paperwork completion for existing qualifying IP, here at 360 R&D we offer a complete bespoke service dependent on client requirements

This may include:

  • Calculation of qualifying profits and completion of submissions for existing IP
  • Ground-up analysis for existing IP
  • Unique IP generation and associated patent submission and ongoing management, or a full development service for new products, including novel Intellectual Property with inventive features.

Utilising our trusted partners we can secure robust patents and manage the entire patent creation, registration, and submission process. We boast a talented and diverse team with a proven history in design, engineering, manufacturing and accounting. Our dedicated team has worked at the forefront of product innovation and has become highly skilled in analysis and identification of opportunities for innovation and patentability across a wide range of sectors.

> Getting to know you.

After your initial enquiry, we will promptly arrange a kick-off call in which we will aim to introduce ourselves and get to know you and your business. We will also aim to preliminarily identify the general scope of any possible opportunities within your products or systems. Our goal is to ensure that your company qualifies for the Patent Box scheme, and what benefits it may bring to your business ongoing.

> Identifying the opportunity.

Once we are confident we can assist, we will send a representative from our team to have a more in-depth discussion about the work you conduct and the products and systems your company develops. During the meeting, our specialists will seek to identify any current, or future opportunities for IP development, which will inform the path taken in terms of project scope and submission requirements.

> IP Analysis and associated development.

With a clear project scope defined we will work within a pre-agreed framework and timescale to submit documentation or conduct design and engineering work to establish or develop unique IP, applicable to the Patent Box scheme. Any development work that is required will also be focused on the improvement of current products to gain competitive advantage, reduce costs, improve manufacturability and material usage and other associated design and engineering optimisations where applicable.

https://www.gov.uk/guidance/corporation-tax-the-patent-box

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