MANY people are aware that there are tax reliefs available to those companies involved in Research & Development (R&D).
In fact, latest HMRC figures show that companies benefited from over £1.7 billon of tax relief in 2013/2014, with more than half of that being claimed in the South East.
You may not be aware of the Patent Box regime, which is intended to help companies as they progress along the path from exploratory R&D to successful commercialisation.
Under the UK’s current Patent Box regime, companies with qualifying patents only pay 10 per cent tax on their profits.
The regime is, however, under review from fellow EU and other international jurisdictions and is likely to change in the future.
Therefore, if you wish to elect into this regime as it currently stands and benefit from the 10 per cent tax rate you need to do so before June 2016. For further information or assistance with R&D claims or the Patent Box regime, contact Tim Smith on 01256 486800 or email tim.smith@bakertilly.co.uk.
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