patent box

Patent Box… videos and links

I did a full post on Patent Box a while back… but I thought I’d throw in a couple of videos we did on it a few years ago…

This first video has poor sound quality, clunky jump-cuts and is a no frills interview with a cracking Patent Attorney… Tom Hutchinson of HutchinsonIP

This second video is a bit slicker with a few different people talking about Patent Box

And here is a site that is great for keeping up to date with any changes to these sort of tax reliefs

So… over to you

 

 

Innovate

R&D tax reliefs and grants work … will Patent Box work better?

Innovation is one of the best drivers of growth for an owner managed business… and luckily the Government really does get it… offering some bonkersly brilliant and accessible help that actually works for companies like yours…

As a form of Corporate Welfare (which I’m generally against) these innovation-orientated tax breaks and grants rather surprisingly do what they’re supposed to do… boost productivity and create jobs (which I absolutely love)

Innovate UK are busy getting grant money out to innovative firms… and, as the Enterprise Research Centre recently reported, the range of grants available has made a real impact… Over a 13-year period, R&D grants spurred growth worth £43bn to the British economy – more than five times the £8bn invested – and created around 150,000 jobs

… one helluva an ROI

But R&D Tax Reliefs  are doing even better imo… not only does research suggest this tax saving for SMEs is working financially…  Our current evaluation suggests that for each £1 of tax foregone, between £1.53 and £2.35 of R&D expenditure is stimulated… I believe it is changing the mindset of some of the companies applying…  

What started out as an attempt to justify a claim for a extra tax deductions and get money back from HMRC… is morphing into a mindset shift for the companies involved as they start to genuinely put innovation at the heart of what they do…

And I think the Patent Box could take that shift towards innovation to a completely different level…

The tax relief for having a Patent is now so good that companies I tell about it immediately start to think what they are doing or can do that’ll lead to a narrow patent and get them a 10% Corporation Tax rate for a couple of decades…

Changing minds is surely one of the hardest things for a Government to do… but, because of these innovative tax reliefs, minds really are changing when it comes to innovation

Here’s a couple of older blog posts on the subject…

R&D Relief

First Claim

Patent Box

And a great (if slightly technical) site for keeping up to date with any odd updates to the tax reliefs…

Keeping tabs on changes to reliefs

 

 

 

patent box

Patently obvious… open the box & take the money

The Patent Box means the tax rate on profits made from patents is to drop to just 10%…

This is a cracking way to encourage firms to patent their Intellectual Property (IP), and exploit it from here in the UK.

Any profits derived from exploiting a patent you own will be taxed in future at 10%… and not the current 20%

Patents can cost as little as a few grand to file… so should easily pay for themselves… because you get up to 20 years of paying tax at the reduced rate

So why not take a look at your IP… and take a look at Patenting some of it  ?
 I’ll admit that in the past I’ve been luke-warm on patents… the effort & costs just didn’t seem worth it for smaller Owner Managed Businesses given the limited commercial benefits.

The patent gives you protection… and that could boost your business’ value… and make new external funders a little more comfortable investing/dealing with you…but…

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