Patent Box sits alongside R&D tax relief as a strong financial incentive for companies to innovate. Patent Box was introduced by the government in April 2013 to reward the active exploitation of patented technology in the UK and remains a very generous tax relief for businesses utilising their patents.

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When a business thinks about its value, we can look at every asset that makes that business valuable. Tangible assets tend to be the physical assets and
are easy to recognise. Intangible assets are sometimes more difficult to see but can be just as valuable, sometimes more valuable and this is where
Intellectual Property (IP) sits.

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With over 49,000 companies making a R&D claim in the UK, the Intellectual Property (IP) opportunity remains untapped for most SMEs. When only 1,000 companies make a Patent Box claim – something just doesn’t add up and the really strange thing, the R&D process conducted well should give you an excellent steer on whether or not you have a patent opportunity. So the big question – why don’t businesses, particularly SMEs, seek out a patent? In our experience, the answer is simple – lack of certainty, unpredictable costs and unaffordable defence.

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The CEO of one of the UK’s leading innovation tax specialists has called for contingent fees to be fully embraced by clients seeking the best possible outcome for their R&D and innovation tax credits strategy. Luke Hamm, CEO of GovGrant, which specialises in helping firms claim tax credits from their innovation and intellectual property, which is then re-invested, said that contingent (or success fees) were a better means of deriving full value from a claim than fixed fees or hourly rates.

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GovGrant, the innovation tax credits specialist, has appointed Dominic Bartholdi as head of sales. GovGrant, [which is based in St Albans] helps businesses take advantage of government tax credits for innovation, R&D and intellectual property such as patents. The proceeds are then ploughed back into the businesses to generate more investment in innovation. Luke Hamm said Dominic’s arrival comes on the back of a record quarterly trading performance with turnover increasing by over 30% at the end of last year.

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Innovation tax specialist GovGrant is delighted to confirm today that it has been accepted as the research and development/intellectual property partner of Insurtech UK. GovGrant joins the 40+ insurtech startups and insurance-related businesses who have joined as associate members and partners since the Insurtech UK alliance – which plans to become a formal trade association in the next few months – informally launched in November 2018.

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Honda’s decision to close its Swindon car plant by 2022 has been hijacked by the politics of Brexit. No surprise there, but the closure also blows a big hole in the government’s industrial strategy, which placed some big bets on the development and production of electric vehicles in the UK.

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Sir James Dyson’s decision to move his corporate HQ from the UK to Singapore has unleashed a storm of Brexit-related comment. Sir James, one of the UK’s most successful inventors, is a prominent Brexit supporter, and he has been widely criticised as hypocritical on social media and in the MSM.

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• Hacker Young study identifies obtaining more AI patents as key to UK’s future growth
• System for obtaining patents stacked against SMEs

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Luke Hamm, chief executive of innovation tax credit specialist GovGrant, will urge business owners to monetise their intellectual property (IP) and stop treating it like a medal. In a keynote speech to delegates at the start of London IP Week (Monday 10 December), Luke, whose business helps the UK’s most innovative SMEs claim for the government’s ‘Patent Box’ scheme, will accuse policymakers of ‘woefully under-protecting IP,’ calling for bolder policies policy to ensure business and the wider knowledge economy derives full value from inventions.

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GovGrant, the innovation tax incentive specialist, has joined the All Party Design and Innovation Group (APDIG), a parliamentary body made up of MPs and Peers that champions innovation inside and outside Parliament.

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Business powers our economy, even if Boris Johnson colourfully disagrees, and the Chancellor has a chance to underscore the government’s support for business – especially small business – in his Budget at the end of October.

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One of the more heartening aspects of this year’s Federation of Small Business (FSB) innovation survey is that SMEs know they need to innovate, particularly in the face of competition.

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From that light bulb moment through to go live – understanding how you maximise the value of your innovation is key.

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Hidden innovation needs to be brought out from the shadows and into the spotlight.

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Business innovation funding and tax relief specialist GovGrant has been shortlisted for a prestigious global award.

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On 2 October 2017, GGTC, Capital Allowance Specialists and Patent Box Consultations starting trading as GovGrant – why?

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