Batter your tax liability!
Whether you prefer lemon and sugar, chocolate, maple syrup or piling on the bacon, you can’t beat a good pancake! If you are a business owner the only thing tastier is the prospect of paying less tax on your company’s profits – and it could be simpler than flipping a pancake!
For companies with patents or certain other qualifying intellectual property, a corporation tax rate of just 10% is payable on qualifying profits under the Patent Box tax relief scheme, compared to the mainstream UK rate of 19% - almost halving the tax payable. If a patent covers everything that a company sells then all profits will benefit from this rate!
So how do I go about obtaining a patent?
If you have a product or process (or a component within one) that is novel, has an inventive step and is not in the public domain then you may be able to obtain a patent. Our specialist Patent Attorney will be able to assess whether there is any scope for your current (or future) products or processes to attain this potentially lucrative protection.
Aren’t patents expensive?
Patents are not cheap – a basic UK patent can cost several thousands of pounds and can take up to four years to be granted. However, a patent lasts for 20 years and, once granted, you can backtrack your profits to the date of filing for Patent Box purposes. This means that more often than not the first Patent Box claim alone will recover all of your patent fees – and then some!
Why wait until Easter?
Don’t give up your retained profits for lent! Call YesTax today for an obligation-free chat to see if you are eligible for Patent Box relief or could obtain a patent to qualify for this relief.