As an innovative business owner, you may have dismissed the idea of patents. Perhaps you think they’re too expensive? Or that the process is too long and complex? Or you don’t think the technical aspects of you innovation are important enough to your main USP to justify going down the patent route?
UK Patents Can Help to Reduce your Corporation Tax
But did you know that UK patents can help to reduce your corporation tax? If you have a UK patent for an element of your business offering, you can reduce your corporation tax down to 10% on all profits made from that element via the government’s Patent Box tax incentive. This applies even if it’s just one small part of a wider business offering. So, for example, if you have a UK patent for one small mechanism within a larger product, then you would be able to claim the Patent Box tax reduction on all profits made from the sale of that product.
If you think about the profit you expect to make on something, over a period of years, you can relatively easily apportion a value to the potential corporation tax saving via the Patent Box scheme. And you might find that it’s worth looking for something to patent, even if it’s for an element of the business that is not necessarily uppermost in relation to your principal USP.
Let us help you to find something patentable
If there is anything technically unique about your business offering (and this could include software). If you think you could benefit from the Patent Box tax saving. Let us assess your business, and (hopefully) help you find something that could be worth filing a UK patent application for. If, like many of our customers, you could end up cutting your tax bill, what have you got to lose? Book a free, no obligation, confidential consultation now, by clicking the link below:
https://calendly.com/strachan-ip-a-fresh-view-of-intellectual-property/30min
Or, if you prefer, please email vicki.strachan@strachanip.co.uk or visit our website at https://strachanip.co.uk/contact/
BUT don’t forget: to validly file a UK patent application for something, it must not have been disclosed to anyone (except in confidence).
