Does my business have something worth patenting?
Intellectual Property (IP) services
With a simple patent, found in your R&D, you could save on corporation tax. Here at GovGrant we are changing the conversation around Intellectual Property (IP) so that with IP Harvest the focus is on value creation.
Watch our video to find out more.
Businesses shouldn’t be intimidated by the legal and academic jargon surrounding IP. GovGrant’s range of IP services can help you cut though the noise. We have introduced IP Harvest – a fixed-fee service that answers the question “Does my business have something worth patenting?” We don’t try to Harvest the whole field. We are looking for a single blade of grass – that single, patentable idea that helps our clients to access Patent Box and save thousands of pounds of corporation tax, year after year.
We are not lawyers or theorists, but business people first who want to get to value clearly and quickly – our services start with R&D tax credits and relief and we know how to turn a potential gem into a significant tax benefit.
Should you be contacting GovGrant to discuss your IP?
- 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?
What can GovGrant do for you?
Our IP services 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.
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.
What is Intellectual Property?
Intellectual Property includes trademarks, copyright, 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 currenty 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 the validity of the invention. Once they are satisfied, they will grant the patent which will be in place for up to 20 years.
Is Patent Box relevant to my business?
Businesses that invest in Intellectual Property should be rewarded. The Patent Box scheme is the UK government’s initiative to do just that and reduce the corporation tax to 10% for profits relating to patented income.
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.
It may be that the patented element of the product or process is minor. But 100% of a company’s worldwide profits arising from product income should qualify for 10% corporation tax
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
Claim all available government funding with GovGrant’s IP services
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.