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Patent Box launches to help SMEs reduce Corporation Tax
On the 19th September 2012, Begbroke Science Park welcomed Mark Graves from GGTC to host a breakfast seminar entitled ‘The Patent Box- The Big Questions’.
Mark is an associate of Patent Box Consulting Limited, a specialist taxation consulting firm established exclusively to offer clients bespoke technical, IP and taxation advice in order to minimise Corporation Tax under the UK Patent Box Scheme.
The Patent Box seminar was aimed specifically at science and technology-based start-up companies, larger more established companies, professional advisors and academics. Mark stressed that ‘the purpose of the scheme is to encourage companies to patent technology so that the patent gives them a reduction in tax payable on profits attributable to that technology. The scheme is part of a two tier strategy that the government is implementing to encourage innovation.’
Claire Morgan, based at the Culham Science Centre, said: ‘We are continually developing new technologies and as such enter into collaborations on a regular basis with pharmaceutical companies and academic institutions. As Business Development Manager I am involved in the initial discussions regarding product development through to marketing. I have learnt that as a licensee of a patent we also qualify for reduced rate Corporation Tax and this will be something we will be looking at in the future.’
Steve Unwin, a Patent Attorney said ‘It was interesting to see ways in which the scheme can be used to benefit SMEs. It’s relevant to both existing and new clients, and is a win win for both parties.’
Patent Box Consulting Limited is a brand new spin-out from its sister company GGTC Ltd. GGTC Ltd is the UK’s largest provider of specialist advice to SMEs on the UK R&D Tax Credit scheme, helping over 450 clients across a range of scientific, engineering, computer software and pharmaceutical industries recover R&D tax credits.
If you missed the seminar please find the slides here
Our next event Begbroke Transfer 4, ‘Financing Technology-based Companies’ will be held on site on November 14th 2012. To book a place email firstname.lastname@example.org
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