Six months to initial tax saving- time to start preparing
Patent box could cut your rate of corporation tax down to 10% for some elements of your profits, from both domestic and international sales.
Patent box is being phased in and started in April 2013 so we are fast approaching the end of its first year in being. You should now be thinking about how you could best take advantage of this scheme ready for end-of-year tax assessments.
There are qualification requirements to be met in terms of your patents as well as the need to determine which of your products and processes are covered by those qualifying patents. Consideration also needs to be given to what portion of your profits associated with the products and processes falling within the qualifying patents can be used to reduce the tax that you pay.
How can Barker Brettell help you?
We will identify which of your patents qualify for patent box.
We can tell you whether a particular product or process falls within the scope of a qualifying patent. If it does, we can tell you whether it is possible to use all or only a portion of your profits relating to each patent to reduce the rate of tax you pay.
We can assist you in considering the best time to “elect in” to patent box to minimise patent box losses.
To find out more please email patentbox@barkerbrettell.co.uk or call 0121 456 0000 or contact your usual Barker Brettell patent attorney.
