Your guide to Patent Box Tax Relief
For Product Design Companies
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The government tries to encourage business behaviour that will enhance the UK ‘s standing on the world stage and its economic performance.
Well the Patent Box Relief is no different. This relief is aimed at boosting the tech and design sectors and encouraging the growth of IP held in UK companies.
Introduced in 2013, The Patent Box regime is a Corporation Tax relief which gives a reduced rate of tax of 10%, rather than the 19% standard rate of corporation tax, on income derived from a product with a Patent on it or on a part within it.
Most business owners don’t know about the Patent box scheme, and most accountants don’t flag it up as they assume clients don’t have anything appropriate for a patent or that the process of getting one is too much hassle. We think a possible tax reduction is always worth a discussion.
WardWilliams Creative specialise in accounting for creatives and have put together a free guide to outline the what Patent Box Tax Relief is and how product design companies can benefit from it. If you would like further information on any topics raised in the guide then please get in touch.