Services
Patent Box Relief
The Patent Box is designed to encourage companies to keep and commercialise intellectual property in the UK. It allows companies to apply a lower rate of Corporation Tax to profits earned from its patented inventions.
Unlock the Full Potential of Your Intellectual Property with Patent Box Relief
At PGR Advisory, we understand that your innovation deserves to be rewarded. Patent Box tax relief offers a unique opportunity to significantly reduce your Corporation Tax rate on qualifying IP income to just 10%. By partnering with us, you can maximize the benefits of your intellectual property investments and ensure that your innovation receives the recognition it deserves.
As a regulated Chartered Accountancy Firm, PGR Advisory brings together a multidisciplinary team of Chartered Tax Advisors, Chartered Accountants, and Qualified Engineers to seamlessly integrate Patent Box relief with your existing R&D activities. Whether you’re just beginning your journey or are looking to optimize your current claims, our expert team is equipped to navigate the complexities of Patent Box and secure the maximum benefits for your business..
Why Choose PGR Advisory for Patent Box Relief?
-
Chartered Expertise: As Chartered Accountants with deep technical knowledge, we excel in simplifying complex tax matters, ensuring that your Patent Box relief is handled with precision and clarity. Our team’s expertise guarantees that your business maximizes its tax benefits while maintaining full compliance.
-
Unmatched Technical Proficiency: Our team, comprising highly skilled Chartered Accountants and tax specialists, is unparalleled in managing the intricacies of Patent Box claims. We meticulously ensure that every qualifying aspect of your intellectual property is accurately captured, minimizing risk and optimizing relief
-
Customized Solutions: At PGR Advisory, we recognize that every business is unique. Our consultancy approach is tailored to your specific needs, ensuring that our services are perfectly aligned with your business objectives, delivering results that drive your success.
Eligibility for Patent Box Relief
Patent Box relief is available to businesses that:
- Are subject to UK Corporation Tax.
- Hold or exclusively license-in a granted UK or European patent.
- Have undertaken qualifying development on this patent.
The Value of Patent Box to Your Business
With the increase in the main rate of Corporation Tax from 19% to 25% as of 1 April 2023, Patent Box offers significant tax savings by reducing your tax liability on qualifying IP profits. This can result in substantial savings, which can be reinvested into your business to fuel further innovation.
Our Approach to Patent Box Claims
1. Establishing Eligibility:
Our approach to Patent Box claims begins with a thorough assessment of your eligibility. We ensure that your business meets all the necessary conditions to qualify for this valuable tax relief. Our team meticulously reviews your intellectual property portfolio, identifying patents that meet the criteria for Patent Box benefits.
We don’t just stop at eligibility; we work closely with you to understand the specifics of your IP and business operations. This detailed approach allows us to provide you with a clear roadmap to maximize the benefits available under the Patent Box regime.
2. Mapping Qualifying Expenditure:
Next, our specialists dive deep into your financial data, carefully analyzing your income and expenditure. We map your profits to relevant streams, such as product sales, royalties, and license fees, ensuring that every qualifying source of income is identified and included in your Patent Box claim.
This meticulous process ensures that no potential benefit is overlooked. By accurately aligning your profits with qualifying IP activities, we help you capture the full value of your intellectual property and maximize your tax savings.
3. Calculating the R&D Fraction:
One of the critical steps in the Patent Box process is calculating the R&D fraction. Our team traces your profits back to the R&D activities that contributed to the development of your patents. This precise calculation determines the portion of your profits eligible for the reduced 10% tax rate under the Patent Box regime.
Our sector specialists, equipped with in-depth industry knowledge, work alongside our tax team to ensure that every relevant R&D expenditure is accounted for. This collaboration ensures that your claim is robust and optimized for maximum benefit.
4. Beyond Your Claim:
At PGR Advisory, our commitment to your success goes beyond just submitting your Patent Box claim. We offer ongoing support and strategic advice to help you fully leverage the innovation incentives available to your business. Whether it’s integrating Patent Box with R&D tax credits or exploring additional funding opportunities, we’re here to guide you every step of the way.
Our consultancy-based approach ensures that your business continues to benefit from the full suite of incentives long after your initial claim is submitted. We are dedicated to helping you achieve sustainable growth through strategic use of innovation tax reliefs.
Integrated Innovation Incentives
Patent Box relief and R&D tax credits work together to amplify the financial benefits of your innovation. Our comprehensive approach ensures that you maximize your tax savings and reinvest in your business’s future growth.
PGR Advisory is dedicated to helping you navigate the complexities of innovation incentives, ensuring that your business continues to thrive in an increasingly competitive marketplace. Contact us today to discuss how we can assist you in claiming Patent Box relief and enhancing your innovation strategy.
