Patent box was introduced by the Government in April 2013 to encourage the retention of intellectual property and the valuable jobs and activities that come with it in the UK. Figures from HM Revenue & Customs suggest that despite being around for over a year now, many businesses are failing to take advantage of this legislation and this is an 'under claimed' relief.
UK Patent box: pay tax at an effective rate of 10%
Patent Box offers companies involved in developing patentable technology a tax rate of just 10% which is half of the normal tax rate. Business leaders can however, be sometimes reluctant to pursue Patent Box due to the daunting and often complex way in which claims are made.
Is your business missing out on Patent box claims?
Shorts have assisted many clients in the claiming of Patent Box relief and can guide you through these complex rules. Download our guide, with more information regarding Patent Box, whether your company might qualify and the tax savings that might be available for you. For further details, or to find out whether you may be eligible, or to arrange your free consultation, please do not hesitate to contact us.
Other related article;
- UK Patent Box explained - the benefits and how to access relief
- 15 ways to reduce your Corporation tax
Scott Burkinshaw
Scott is Tax Partner at Shorts, specialising in providing strategic corporate and personal tax advice.
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