Call today so we can advise you on how to claim Patent Box
Reduce your Corporation Tax to 10% with MPA
Patent Box is a government scheme that pays businesses to invest in innovation. This could enable you to pay a reduced Corporation Tax rate of 10% on profits — if they come from the sale of products or services containing a qualifying patented innovation. And yet, with 1,025 claims made; only 3% of companies with eligible patents and claiming R&D tax credits are taking advantage of this benefit. We want to change this.
How do I qualify
If you have a patent you could be eligible to claim through Patent Box. Many patented inventions are often small technical improvements on existing products or processes, which can yield substantial returns. To find out if you could be benefitting, please get in touch and one of our experts will talk you through the process.
Ray Hillhouse General Manager, Morgana Systems
Revenue generated from these claims helps us to maintain the profitability of the company – as well as keeping the owner happy, which is essential. This then allows us to continue to invest in R&D and develop new products.
3 step process
The Patent Box application process can seem daunting. But we’ve made it as simple as possible by breaking it down into three easy-to-follow steps. We’ll work closely with you at every stage to ensure your application has the best chance of success.
Patent / product technical assessment
We’ll work with you to identify and validate your existing IP, along with any current or planned innovation projects.
Next, we’ll assess the benefits of making a Patent Box election, and decide on an appropriate timescale.
We’ll then compile a schedule of products and services that are associated with the qualifying patents and may also qualify — and we’ll document an engineering justification for them.
Lastly, we’ll define the relationship between R&D expenditure, qualifying patents and associated revenues.
We’ll develop a valid income streaming methodology, with advice from HMRC where needed.
Then, together we’ll validate and agree the split between costs and R&D expenditure.
We’ll help you put processes in place to capture the required data.
And then, we’ll apply current legislation to calculate Relevant IP Profit.
Submit your tax return
Together we’ll make the election to join at the appropriate time.
We’ll integrate the Patent Box deduction into your year-end tax breakdown and provide supporting tax analysis, identifying the total tax saving.
You’ll receive your benefit from the HMRC.
Why get a patent?
A patent can cost as little as £5,000 and be granted in 9 months.
Old rules vs new rules
From 1st July 2016, the UK Patent Box regime was changed.
How to make a claim
Let’s get started
If you’re ready to make a claim, or you have any questions about Patent Box, now’s the time to get in touch. Our experts can give you all the help and information you need to start you on your way to great financial gains.Get in Touch
UK businesses fail to protect their innovation
A government study reveals that a surprisingly low number of UK businesses protect their valuable innovations through patents, according to a recent report from the...
Patent Box: An untapped opportunity
Earlier this month, the Chancellor promised an additional £780 million investment in high-tech hubs across the country, which followed the Prime Minister’s announcement of £180...
Missed opportunity for businesses with patents
Businesses are failing to take advantage of the significant opportunity presented by the governments Patent Box initiative.
Patent Box: your questions, answered
We understand that the scheme rules can be very confusing, so we’ve answered some of the commonly asked questions for you .
Design and innovation drives award-winning LED lighting company
Shaun founded tp24 in 2005 to provide stylish yet energy efficient lighting into new build homes. Along the way tp24 have collected numerous awards for...