23rd October 2014

 

 

The Patent Box and R&D Tax Credits Seminar at Letchworth Hall Hotel.


Attendees met at the beautiful surroundings of Letchworth Hall Hotel to hear Graham Boar, of UHY Hacker Young Chartered Accountants, start off the evening with an interesting presentation on, firstly, R&D Relief and, secondly, The Patent Box.  After Graham, the Seminar continued with a change of presenter, with our Neil Chambers providing a snap-shot into the World of Patents.


R&D

Graham described how an R&D project may qualify for this relief if it is a project which seeks to achieve an advance in science or technology, through the resolution of scientific or technical uncertainty, and he went on to provide one or two examples of qualifying projects.  The relief attainable depends upon whether your business is considered to qualify under the SME (small and medium enterprise) scheme, where the business can obtain 100% of usual revenue deduction, plus an additional 125% SME R&D tax relief, or under the large company scheme, where the rate of enhancement is 30% cf. 125% mentioned above.  Graham then provided various worked examples, including taking everyone through above the line credit under the large company scheme.


Patent Box

Graham continued by highlighting the very simple nature of electing into the scheme and the derivation of the title of the scheme: Patent Box – because you tick a box to claim it.  He then took everyone through the concept of a reduction in corporation tax once a relevant Patent is granted.  He continued by identifying the various forms of Patent income and how the scheme is being phased in, with full relief attainable in the 2017 / 2018 tax year. Finally, Graham provided one or two worked examples of the savings which can be made.


Patents

Neil briefly discussed the nature of the numerous Intellectual Property Rights, what are the requirements for obtaining a UK Patent, including an exemplary timeline and indication of costs, and provided one or two fun examples of patentable inventions.

 

After the presentations, attendees retired to the bar to continue the discussions.  Our Firm is very pleased to have been asked by UHY Hacker Young to co-present at the Seminar, and we thank those at UHY Hacker Young for making the Seminar run so smoothly.

Bookmark and Share