Services – PGR Advisory

Patent Box Relief

admin — Thu, 22 Aug 2024 10:19:42 +0000

Services

Patent Box Relief

The Patent Box Relief 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.

Get Started Today

R&D Tax Credits Ireland

admin — Thu, 22 Aug 2024 09:42:45 +0000

Services

R&D Tax Credits Ireland

R&D Tax Credits are a government backed incentive scheme for Irish businesses who engage in R&D activities. PGR Advisory are a team of Technical Specialists, specialising in maximising claims, whilst ensuring compliance with the rules.

What are R&D Tax Credits

R&D Tax Credits Ireland are a valuable incentive introduced by the Irish government to stimulate innovation and increase investment in Research and Development (R&D) activities. For companies operating in Ireland, these credits can significantly reduce your corporation tax liability, making it more financially viable to pursue ambitious R&D projects.

For accounting periods beginning on, or after 1 January 2024, the Irish R&D tax credit rate has increased to 30% (from 25%) of qualifying expenditure, making it an even more attractive option for businesses. However, successfully claiming your entitlement requires expertise and attention to detail. A comprehensive R&D technical report, along with a detailed breakdown of the costs being claimed, is essential to ensure your claim is valid and fully maximized.

Who is Eligible for R&D Tax Credits?

R&D Tax Credits Ireland are available to any company within charge to corporation tax in Ireland, regardless of industry, that is engaged in development activities aimed at achieving advancements in science or technology. Whether your business is creating new products, processes, or services, or modifying existing ones, you may be eligible to claim these valuable credits.

Eligibility hinges on the nature of the activities your company undertakes. Qualifying activities must be:

be systematic, investigative or experimental activities;
be in a field of science or technology
involve one or more of the following categories of R&D—

basic research,
applied research, or
experimental development.

In addition, they must

seek to achieve scientific or technological advancement; and
involve the resolution of scientific or technological uncertainty.

If your company is pushing the boundaries of what is currently possible in your field, you likely qualify for R&D Tax Credits.

What’s the Process to Claim R&D Tax Credits?

The process of claiming R&D Tax Credits Ireland is managed by Revenue, and businesses can submit claims up to 12 months after the end of their accounting period. While not legally required, producing a detailed R&D tax claim report is highly recommended. This report should justify the technical advancements and uncertainties involved in your projects and provide a comprehensive account of the eligible expenditure on a project-by-project basis.

To ensure you’re maximizing your claim and not leaving any money on the table, it’s advisable to consult with an R&D tax specialist. At PGR Advisory, our expertise in this area can significantly enhance the value of your claim.

Get R&D Tax Advice

Knowledge Development Box

admin — Thu, 22 Aug 2024 08:44:21 +0000

Services

Knowledge Development BOX (KDB)

The KDB is an Organisation for Economic Cooperation and Development (OECD) compliant intellectual property regime which provides Corporation Tax relief on income from qualifying assets.

What is Knowledge Development Box?

The Finance Act 2015 introduced the Knowledge Development Box (KDB) as part of Ireland’s strategy to foster innovation. The KDB provides a compelling incentive for businesses, allowing profits derived from patented inventions, copyrighted software, and other specified asset classes to be taxed at an effectively reduced rate of 10%. Up to 30 September 2023 the deduction was 50%, equating to an effective tax rate of 6.25%.

This initiative is designed to encourage companies to innovate and develop intellectual property within Ireland, offering significant tax benefits on qualifying profits.

The Knowledge Development Box (KDB) in Ireland presents a valuable opportunity for companies engaged in substantial R&D activities to benefit from a reduced tax rate on income generated from qualifying intellectual property (IP) assets.

Key Highlights of the KDB:

Qualifying Income: Companies can apply the KDB’s reduced tax rate to various forms of income linked to qualifying IP assets. This includes royalty income, license fees, and specific portions of sales income attributable to these assets.
Qualifying Assets: The KDB covers a range of qualifying IP assets such as patented inventions, copyrighted software, plant breeders’ rights, and protection certificates for medicinal and plant products. Additionally, SMEs benefit from an expanded IP definition, which includes inventions certified as novel, non-obvious, and useful.
Relief Calculation: The relief under the KDB is directly tied to the proportion of R&D expenditure incurred in Ireland relative to global R&D expenditure. This allows companies to benefit from a tax deduction of 20% on qualifying profits, resulting in an effective tax rate of 10%.

Who can claim?

To qualify for the Knowledge Development Box (KDB), a company must meet the following criteria:

Accounting Period: The company’s accounting period must begin on or after 1 January 2016.
Qualifying Asset Income: The company must earn income from a usable qualifying asset.
R&D Activities: The company must have created the usable qualifying asset through qualifying Research and Development (R&D) activities.

What Constitutes a Qualifying Asset?

A qualifying asset is one that is developed through eligible R&D activities, including:

Computer Programmes: Software developed through R&D that qualifies under the KDB.
Inventions: Innovations that are protected by a qualifying patent.
Patentable IP for Small Companies: Intellectual property that, while not patented, is certified as patentable by the Controller of Patents, applicable to small companies.

Why the KDB is Attractive:

For companies, especially large groups, that conduct significant R&D activities within Ireland, the KDB offers an advantageous fiscal environment. By effectively isolating individual qualifying assets developed in Ireland, companies can maximize the benefits of this relief, aligning with their broader strategic objectives in innovation and growth.

At PGR Advisory, our team of Chartered Accountants and qualified R&D specialists is well-equipped to guide you through the complexities of the KDB, ensuring your company fully capitalizes on this incentive while maintaining compliance with all relevant regulations.

Get Started Today

HMRC Compliance Check Support

corey — Thu, 20 Jun 2024 15:34:32 +0000

Services

HMRC Compliance Check Support Service

Our HMRC compliance check support service can ensure you pass all of HMRC’s compliance checks into R&D tax relief claims. HMRC have recently overhauled their R&D Tax Relief Scheme to help prevent fraudulent claims. This makes the possibility of you receiving a tax enquiry into your R&D claim much more likely.

What is an HMRC Compliance Check?

An HMRC Tax Enquiry also know as an HMRC Compliance Check is an investigation into your company’s tax affairs. During an enquiry, HMRC may request documents, conduct interviews, and scrutinise financial records to ensure compliance with tax laws.

HMRC compliance checks can be full enquiries or they can relate to just one aspect, for example VAT. Aspect enquiries are usually more straight forward, were as full enquiries are much more in depth and look at every aspect of a company’s tax return.

Tax Enquiry letters can be intimidating and can come with a deadline. Missing that deadline can put you in a difficult position. It is important to seek professional advice, as soon as tax enquiry letter is received.

What will HMRC ask for?

HMRC will usually ask to see all the company’s financial records, this will include the company’s financial accounts, regardless of whether they were prepared by the company or by the company’s accountant. They will examine this data to ensure that all incomings and outgoings have been correctly recorded.

They may also ask to meet in person so that they can see how the company operates.

It is also common practice for the company director’s personal finances to be reviewed. HMRC have limited legal power to ask for personal records, an investigation into a company’s tax affairs does not automatically give HMRC the power to gain access to the director’s personal information. This is why it is essential to work with a trusted Tax Advisor, who will ensure your best interests and prevent HMRC from investigating beyond the scope of their powers, and opening a personal tax investigation without a substantial reason.

During an R&D compliance check, HMRC may request detailed records of qualifying R&D activities, technical justifications and financial calculations. If discrepancies or errors are found, HMRC may reduce or reject the claim, and in some cases, impose penalties. Given the complexity of R&D tax relief rules, seeking expert guidance can help businesses navigate the process and mitigate risks.

How can we help?

We can deal both with the individual or company who is subject to an HMRC compliance check and we can also support and advise accountancy practices on dealing with enquiries.

We understand that sometimes mistakes can be made, and have a non-judgmental attitude and will defend our clients within the scope of the law.

Our expertise in tax compliance is unrivalled, with several former HMRC Inspectors and tax specialists on our team.

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Existing Clients

We offer enquiry support as an inclusive element of claims we complete. Any assistance in the event of an enquiry would be covered by our fee protection insurance, and as such all time involved in defending the claim would be covered by the policy.

We will liaise with HMRC on your behalf, making the enquiry process as stress free as possible for you.

By providing a detailed technical report with all our claim submission we aim to answer any queries HMRC may have. This should allow the enquiry to be concluded as promptly as possible.

New Clients

We can help with HMRC enquiries for claims prepared by yourself, your accountant or another advisor. Whether you have just received a letter opening an enquiry or need help resolving a long running enquiry we can help.

We will review your claim, and any HMRC correspondence to determine the best course of action. Should further information be required our team will work with your competent professionals to ensure this is provided in a timely and easy to understand manner to HMRC.

We will liaise with HMRC throughout the enquiry on your behalf to get the best possible outcome for you.

COP8 Investigations

What is a COP8 Investigation?

A COP8 investigation means HMRC Code of Practice 8 investigation. It is a civil investigation used to tackle tax avoidance schemes. Tax avoidance and tax planning schemes can take advantage of perceived loopholes in the legislation, to save on tax, however they can be very much open to interpretation and are often high risk.

In some cases, when a tax avoidance scheme is used by many taxpayers, HMRC will chose to only investigate a selection of these taxpayers, and apply the results to all of the scheme’s participants.

Why have I received a COP8 from HMRC?

HMRC opens a COP8 investigation when they suspect that a taxpayer has paid less tax through using a tax avoidance scheme or plan. Whilst you are not being accused of tax evasion, they are investigating your tax affairs to ensure that they comply with Tax Legislation and to challenge them if they think that they don’t comply with tax legislation. There are instances however, that a COP8 can be upgraded to a COP9, if for example you are suspected of purposely providing incorrect information to HMRC or if there is other evidence of tax evasion. This makes seeking a tax specialist, who will assist you with your responses, essential.

How do HMRC Challenge Tax Avoidance Schemes?

HMRC may use one of two tactics to challenge a tax avoidance scheme. Sometimes they will use both of these tactics in conjunction with one another:

They may disagree with the interpretation of the legislation that the Tax avoidance scheme was based on. A challenge of this type will include detailed technical arguments on the interpretation of the Tax Legislation. If you cannot convince HMRC that your interpretation is correct then a Tax Tribunal is set up to resolve disputes.
HMRC may agree with the interpretation of the legislation but do not agree with how the scheme has been implemented, meaning that they do not agree that all the correct steps have been taken to avoid tax.

What do I do next?

Get in touch with a professional tax expert who can advise you. It is often the case that the Tax Advisor who referred you to the scheme, is not best equipped to defend an investigation, as they can lack objectivity. As independent Tax Investigation Specialists we have the expertise and knowledge to defend your claim. With our wealth of experience including our excellent track record and experience of working with HMRC, we are best placed to assist you.

COP9 Investigations

What is a COP9 Investigation?

Code of Practice 9 are HMRC Tax Enquiries to investigate suspected Tax Fraud. If you receive a COP9 notice, HMRC are letting you know that they suspect you of tax evasion and that they are opening an HRMC Fraud Investigation. HMRC will offer you the opportunity to admit or dispute any fraudulent activity, giving you 60 days to respond.

What should I do next?

Getting specialist advice at an early stage is essential to minimize the risk of a criminal investigation. A COP9 will give you the option to give full disclosure of your tax affairs and admit any fraudulent activity, meaning that you accept guilt for deliberately carrying out fraudulent activities for tax avoidance purposes or you can deny any fraudulent activity, which means HMRC will begin an investigation. HMRC can investigate as far back as 20 years.

How can PGR Advisory help?

As tax specialists we can assist you with preparing and submitting your disclosure to HMRC, liaising with HMRC on your behalf to ensure your disclosure is complete and accurate. Whether you want to accept or decline the COP9 offer, it can be a very stressful time. We can take some of the weight off your shoulders by dealing with HMRC on your behalf.

We can review the evidence that HMRC has provided and help you to understand the charges against you. We can help compile a meticulous response to the enquiry, and take over communication with HMRC, to reduce your burden and make a difficult time less daunting. We will advise you on your rights and responsibilities, and set forth the best course of action to achieve the best outcome for you and your business.

HMRC Compliance Check

Case Studies

CoP8 notice for Wealthy UK family

Background In early 2022, our team were engaged by a wealthy UK family who had recently received a...

Corporate Finance

corey — Thu, 20 Jun 2024 15:34:17 +0000

Services

Corporate Finance

Specialist management consulting for your business

What is Corporate Finance Consulting

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How our Corporate Finance Advice Can Help You

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Get Started

Specialist Tax Advice

corey — Thu, 20 Jun 2024 15:33:41 +0000

Services

Specialist Tax Advice

Specialist tax advice by PGR Advisory

Specialist Advice for your Industry

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Specialist Tax Advice For

HMRC Enquiries

COP8

COP9

R&D

Off Shore

Get R&D Tax Advice

R&D Tax Credits

corey — Thu, 20 Jun 2024 14:29:17 +0000

Services

R&D Tax Credits

At PGR Advisory Limited, we specialise in helping businesses navigate the complexities of R&D Tax Credits claims. Our expert team, composed of Chartered Accountants, Chartered Tax Advisors, and Qualified Engineers, ensures that your claims are fully compliant with HMRC regulations and accurately reflect the eligible R&D activities within your business.

Overview of UK R&D Tax Credits

The UK Government offers R&D Tax Credits as an incentive to encourage companies to invest in innovation. These credits allow businesses of all sizes to claim back a portion of their R&D expenditure, reducing their corporation tax bill or providing a cash refund. Whether your business is developing new products, processes, or services, or enhancing existing ones, you could be eligible for significant financial relief through the R&D Tax Credit scheme.

Comprehensive R&D Claim Management

Our R&D Tax Credits service covers every aspect of the claim process. From the initial assessment to the final submission, we manage the entire process, reducing the burden on your team and ensuring a smooth and efficient experience.

Qualified and Regulated Expertise

As a regulated Chartered Accountancy firm, PGR Advisory Limited is trusted by businesses across the UK and Ireland. Our team’s unique combination of financial, technical, and tax expertise ensures that your R&D claims are handled with precision and care. Unlike unregulated providers, our clients can be confident that their claims are accurate, substantiated, and defensible.

Increased HMRC Scrutiny

In recent years, HMRC has significantly increased its scrutiny of R&D Tax Credits claims, with a focus on ensuring compliance and reducing fraud. At PGR Advisory, we stay ahead of these changes by continuously updating our processes to meet the latest HMRC standards. Our deep understanding of HMRC’s expectations, combined with our meticulous approach, ensures that your claims are robust and well-prepared to withstand any level of scrutiny.

Risk Mitigation and Enquiry Support

Our former HMRC Inspectors bring invaluable insights into how claims are reviewed, allowing us to pre-emptively address potential issues and minimise enquiry risk. Should an enquiry arise, our team is fully equipped to defend your claim, ensuring the best possible outcome.

Tailored Solutions for Your Business

We understand that every business is unique. That’s why we tailor our R&D Tax Credits services to fit your specific needs. Whether you’re a start-up or a multinational, our approach is designed to align with your goals, support your innovation efforts, and ensure compliance.

Trusted by Accountancy Practices

Many Accountancy Practices across the UK choose to outsource their clients’ R&D Tax Relief claims to PGR Advisory. Our regulated status, combined with our deep technical expertise, makes us the preferred partner for firms seeking reliable and professional R&D tax services

Our R&D Tax Credit Process

01

Our technical experts speak to yours

Qualified Engineers and Sector Specialists

02

Robust technical documentation prepared by us

Qualified engineers and sector specialists

03

Detailed project cost analysis carried out

Chartered Accountants

04

Tax returns and aif documentation prepared

Chartered Tax Advisors

05



Final review of all claim documentation

PGR Directors Former HMRC Inspectors

06

Client review and approval

Client Company nominated staff

07



Claim submission

Qualified Engineers and Sector Specialists

08



HMRC Liason & Enquiry Defence

Full PGR Team, including former HMRC Inspectors

R&D Tax Credit
Case Studies

RDEC Case Study

PGR Advisory were engaged by a global vehicle manufacturer in late 2019 which had been claiming an RDEC since its inception. Throughout this time they had engaged a variety of Providers ranging from global Accountancy Practices to R&D Consultancies.

Historic R&D Claim Uplift

PGR were engaged by a fabric manufacturer to carry out a review of their previous R&D claim which was completed by a Big 4 Accountancy Practice.

Grant Funding For Business

admin — Thu, 13 Jun 2024 13:05:37 +0000

Services

Grant Funding For Business

At PGR Advisory Limited, we specialise in grant funding for business. Our expertise spans identifying the most suitable funding opportunities, preparing robust applications, and providing ongoing support, guiding businesses through the complexities of securing business grant funding.

Identifying Business Grant Funding Opportunities

Navigating the landscape of available grants can be challenging. Our team is skilled in identifying the right business grant funding opportunities that align with your business objectives. Whether you are looking to innovate, expand, or invest in new technologies, we help you find and secure the funding needed to achieve your goals.

Expert Application Preparation

A successful business grant funding application requires a detailed understanding of both your business and the grant criteria. Our experts work closely with you to craft compelling applications that clearly demonstrate the value and impact of your project. We ensure that all required documentation is accurate, comprehensive, and presented in a way that maximises your chances of success.

Ongoing Support and Management

Securing a grant is just the beginning. We provide continued support to ensure that you meet all post-award obligations, from reporting requirements to managing the financial aspects of your grant. Our goal is to make the entire process as straightforward and stress-free as possible, allowing you to focus on delivering your project.

Tailored Solutions for Your Business

Every business has unique funding needs. Whether you’re a small start-up or an established corporation, we tailor our approach to fit your specific circumstances. Our bespoke service ensures that you receive the guidance and support necessary to secure the most appropriate grant funding for your business.

Trusted by Industry Leaders

PGR Advisory is a trusted partner for businesses across various sectors. Our proven track record of successful business grant funding applications speaks to our expertise and commitment to helping businesses thrive. By choosing PGR Advisory, you are ensuring that your business is positioned for success in a competitive funding environment.

Our Grants Process

01



Understanding your business and your application

Leadership Team

02

Identify Potential Sources of Funding

Funding Specialist

03



Liasing with the Funding Body

Funding Specialist

04



Research to Support Your Application

Sector Specialist

05



Preparing Funding Evaluations

Leadership Team

06



Processing grant claims following successful awards

Funding Specialist

07



Generating the required financial projects & business plans

Chartered Accountant

08



Preparing compelling content,ensuring application criteria is met

Sector Specialist

Grant Funding For Business

Case Studies

Maximise Funding in Aerospace

Robert McConnell was engaged by an Aerospace Machined Component Manufacturer/Supplier. They had been in receipt of funding previously, but had not maximized their opportunities nor had a consistent approach to project road-mapping or administration. They had engaged with ‘one-man-band’ advisors previously.