All too often, businesses do not think about IP in a way of driving commercial value. GovGrant can help your business recognise and exploit your IP even in the development phases. We recognise that Patent Box is a tangible and obvious benefit that compliments the R&D and drives a clear financial outcome for the IP owner.
We are not lawyers or theorists, but business people first who want to get to value clearly and quickly – our services start with the R&D and we know what to spot that can turn a potential gem into a significant tax benefit.
Intellectual Property includes trademarks, copright, trade secrets and patents. It is in all cases an intangible asset that a company should value.
To think about a patent, there needs to be a novelty in the process or product that creates new knowledge that doesn’t currently exist. These can be subtle and may be a small change or improvement compared to what current exists in the market.
Prior art is simply the current knowledge readily known in the market. It is of significant importance, and a common mistake made by many SMEs, that even before a new product hits the market, for instance if it is shown at a trade show, as soon as it’s ‘out there’, it is classed as prior art and the patent opportunity diminishes rapidly.
The patent process is application based, through the Intellectual Property Office (IPO). The application usually includes a description of the product or process along with relevant diagrams to demonstrate the inventive step. The IPO will review and ask questions to understand the current knowledge and test to validity of the action. Once they are satisfied, they will grant the patent which will be in place for 20 years.
Have you made an R&D claim but never considered patents?
Are you put off because of legal costs?
Are you looking to raise funds?
Do you want to maximise opportunities overseas?
Could a patent look good in the shop window for funding or exit purposes?
Can you reduce your tax payment thanks to IP?
We can help you actively identify, value, protect, and commercialise your innovation.
We can identify opportunities for patent applications and claiming a Patent Box corporation tax saving.
Our work is in itself a valuable audit of your intangible IP assets. Whatever your business, your product and process IP could be significant and can be one of the most valuable assets your business owns.
We are focused on outcome and we share the risk of developing your IP. We are not interested in billable hours or academic badges but getting a clear and focused understanding of your IP opportunities.
We start with a simple question – do you want to know if you have something worth patenting or do you want to know what else is currently out there?
The answer is either an IP harvest to pick out those key opportunities and the next steps or a IP strength test to give you a full picture of your landscape and what can be done to exploit the opportunities.
To benefit you need to be a UK limited company paying UK corporation tax. You need to have developed an innovative product or process, filed a patent application, and generated profits relating to the patented invention.
The innovation does not have to be rocket science to be patentable. Most patented inventions are just small technical improvements on existing products or processes.
Many companies don’t think that their intellectual property (IP) is patentable, or they think that the patenting process is too expensive and takes too long to be worthwhile. The Patent Box has been specifically designed to overcome these misconceptions and the tax relief potentially covers the costs.
Possible to qualify for Patent Box tax relief with a UK, European and some international patents, or with exclusive UK licence to someone else’s patent if it is recognised and in scope.
The scheme incudes IP profits derived from worldwide sales and patent licence revenue.
Potential for reduction in corporation tax rate to be backdated to revenues generated during the “patent pending” phase
The Patent Box is closely linked with R&D tax relief and a company can often claim tax relief under both schemes.
GovGrant can offer you advice to maximise your claims across both schemes and how to use your IP in support of your commercial strategy.
There’s a way to do it better – find it.