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

 

 

Pete Wild - Pop Up Start Up Judge, Value Builder, Business Mentor and angles

Insights and Angles … first look

 

Insights & Angles is our first effort at a short video covering the world of Owner Managed Businesses… all put together by Sam Edge and friends at Squid Digital.

Justin Dooley from Caffe Cream, Pam Nugent from M&P Engineering, and lawyers Tom Hutchinson, James Robey & Mark Jolly get us off to a great start… discussing Grants, Kickstarter, the power of Video & SEO, IP funding… and onions…

Here’s a tad more detail on the video :

Justin Dooley, owner of Caffe Cream, discusses his national-award winning Ice Cream business… and his fund raising efforts. As a young entrepreneur, lack of collateral and capital has meant banks are reluctant to give Justin the support he wants… so having secured a £115k grant with a commitment to create jobs, Justin is turning to Kickstarter to raise the final slug of cash for his new factory.

(I’ll do a fuller post on Kickstarter as a source of perk-based capital soon)

Pamela Nugent, MD of M&P Engineering, discusses how putting up a video on youtube of her giant sit-on onion peeler has lead to a surge of enquiries, sales & holidays around the world. I admit to a bit of a stainless steel fetish… & it’s truly great to see Pam’s engineering shipping out globally thanks to video, youtube & SEO… could it do the same for you?

Tom Hutchinson of HutchinsonIP discusses funding available for Intellectual Property (IP) protection, with more details on the ‘free money’ IP audit grant provided by CTA (tax accountant) & MCFC fan Wendy Wild… (& I’ve done a blog post on the grant here : IP Audit… treat yourself for Xmas )

James Robey & Mark Jolly of Wilson Gunn chip in… this is their firm’s 15oth anniversary year… and having helped Manchester through the industrial revolution we’ll be getting a lot more help from them in our special edition video on the Patent Box.

 

 

 

 

IP Audit

IP Audit… treat yourself for Xmas

IP Audit Plus 2014 is a ‘free money’ £3k grant for SMEs like you to have a pro come in and see if you have any Intellectual Property that could be protected.

This is not ‘matched funding’… and the Government’s IP Office writes the £3k cheque directly to the IP pros who do your audit… so absolutely no cash outflows or costs for you.

It’ll cover IP such as copyrights, designs, trademarks… and it’ll see if you have any processes or products that could patented…

I’ve written about Patents before (and will do so again & again) because the new Patent-Box tax relief scheme could halve your corporation tax for the next 15 to 20 years… and, with schemes like ‘IP Audit Plus’, getting a patent needn’t cost what you think…

3 steps to saving money checking & registering your IP :

1. Some Patent lawyers such as James Robey & Mark Jolly at Wilson Gunn, and Tom Hutchinson at HutchinsonIP will have a completely free first consultation to talk through your IP possibilities & the prospects of getting it registered

2. The IP Audit Plus 2014 will grant fund a complete review of your possible IP options

3. Various ERDF supported regional funds and organisations such as MAS will then help with some of the costs of actually filing & registering your IP (typically on a ‘matched funding’ basis = they pay half)… I’ll cover these funders in a later post… but filing a narrow UK patent can cost as little as £2k to £8k and may take less than a year… and save you masses of tax… for you to reinvest in your business…

First steps?

1. Talk to an IP lawyer…

2. Then look to take up the IP Audit grant… it’s initially assessed & dealt with through your local Growth Accelerator (it’s classed as ‘Growth through Innovation’…).. in Scotland it’s through Scottish Enterprise, in Wales through the Welsh Government

But look sharp… the free funding ends in March 2015

So why not treat yourself for Xmas?

 

Here’s a must-read doc about Government support for companies like yours & your IP

 

And here’s a tad more detail for the interested from an article I was asked to write for someone else:

 

… IP Audit Plus 2014 – available via the Growth Accelerator money and minimal stress

Why should you bother to get your products, processes or services patented?……to increase their commercialisation, increase the value of your business or to take advantage of HMRC’s patent box scheme…….what ever your reasons ensure that you don’t miss out on the opportunity of a £3k grant to have an Intellectual Property audit done for your business.

To help you maximise your IP the government, through the intellectual property office (IPO), are offering grants of up to £3k to businesses to have an intellectual property audit carried out… allowing you to get a handle on your IP position without having to pay a penny and with minimal stress… but be quick the grants are due to end by 31 March 2015

So what do you have to do and what will it cost… the great news is, is that it won’t cost you anything apart from a bit of time in completing a form and then having a chat with your IP auditor when he visits.

The IP office work with intermediaries to carryout the paperwork and for audits done in England this is the GrowthAccelerator. (www.growthaccelerator.com)

Contact the GrowthAccelerator for your region and you will be put in touch with an IP professional for your region……….complete a couple of pages on an application form (so not to onerous) and you’ll be on your way, but remember to tick their boxes…….they are looking for you to..

….demonstrate that there is a sound business need for the grant

….IP is integral part of the company’s long term strategy and growth plan

….if successful the business will have dedicated resource, including potential financial resource, to carry out the businesses IP strategy

….show that IP is significant to the development and commercialisation of the business’s product/service offering. (perhaps with a view to export or license your products)

Your IP Professional will oversee your application thereon in by reviewing it and submitting it on your behalf to the IPO for approval……..as it is effectively pre-vetted the approval only takes a couple of days and you then have two months in which to have your audit and for your IP Professional to submit his report to the IPO office

The great news is, that the IP Office pay your IP Professional direct so you don’t have any cash flow issues.

Once you have your report you will have to decide if you want to continue the process, and prepare and file and application for a patent, (registered trade mark or registered design) and unfortunately the grant of £3k that your professional has received cannot be used for this…….but costs at this stage can be minimised considerably if you narrow your patent …. and there are additional sources of funding to help with cost…

The Government & HMRC are genuinely behind companies who are trying to innovate… and chances are that’s you… so it’s well worth letting them help you !?!

Here’s a must read doc for IP funding from the government

 

 

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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