Where a company creates a product or process which is patented, or the company holds an exclusive licence to Intellectual Property (IP) rights, then the Patent Box Deduction may be available. A claim for the Patent Box Deduction reduces the rate of corporation tax from 19% to 10% for profits generated by the patented product.
The process of making a claim is not straightforward and that is why it is imperative to employ a Patent Box expert to maximise your company’s claim.
Our team of tax experts at Bracey’s are well placed to assist you with calculating patent-related profits and the subsequent Patent Box Deduction available. We make the claim process simple and straightforward whilst maximising the relief claimed.
We can also provide advice on whether your company has IP that is suitable for patenting and can assist in planning for your company’s future R&D efforts.
If you’d like a greater understanding of the process of a Patent Box claim, as well as some information on eligibility, you can refer to our article, Patent Box Deduction – Tax Incentives for Innovators don’t have to stop at R&D.
Alternatively, if you would like to find out first hand about claiming the patent box deduction or getting a patent in place so that you claim the relief, get in contact with our Patent Box specialist, Jeni Lee, for a free initial conversation.
What our clients say
« Bracey’s have provided us with a whole host of advice – personal tax, PAYE, R&D claims, Corporation Tax, payroll & pensions. As with a lot of businesses, we have randomly been selected for a VAT enquiry from HMRC. This can be quite a daunting occasion for a small business but the team from Bracey’s attended our offices to offer HMRC any information they needed and they conducted themselves in a capable, unfazed manner «
« Bracey’s have dealt with a number of areas as part of my tax return including foreign exchange income, online sales, buy to let income, VAT registration, advice regarding companies house and everything else in between. Nothing has been too much trouble or too complicated. «
« Bracey’s have been instrumental in streamlining my invoicing procedure, they are speedy with their responses, friendly and always extremely patient; which if you knew me, is really needed! Braceys have provided me with accounts/tax/invoicing and all the usual; but on top of this, advice on a whole manner of situations that arise in my business. «