If the answer is Yes; then you may be able to gain a reduction in your corporation tax. The aim is to encourage development and innovation in areas with promising potential for patentable protection.
According to HMRC, the areas that are most likely to produce such innovation include pharmaceuticals, life sciences, manufacturing, electronics and defence sectors but it is always worth investigating other areas to see if a claim is possible. Call The Profit Key now and see if our specialists can help you reduce your corporation tax.
The Patent Box tax regime transforms patent rights from simply being an overhead to a potentially significant reducer of a company’s Corporation Tax liability. Since 1 April 2013, companies have been able to elect for a reduced rate of Corporation Tax. The reduced rate is 10% which will be phased in gradually over a five year period applying in full from 1 April 2017. The 10% rate of Corporation Tax is applicable to products and services that incorporate patented inventions – as long as the company owns, or has an exclusive licence under the patent and meets certain development criteria.
Our specialist team can assist clients with Patent Box claims and also provide access to a number of specialist patent attorneys. If you are thinking about applying for a patent then our specialist advisors can secure the patent itself as well as the generous tax relief which becomes available when the patent is granted.
Call The Profit Key today and find out if you can claim this valuable relief.
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