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Withers & Rogers is operating on a business as usual basis. We are all working remotely and do not anticipate any notable change in service to our clients.
Patent Box is a UK Government scheme to reduce the Corporation Tax paid by companies on profits generated from the sale of patented products and from the use of patented processes and machinery.
The phasing in of the Patent Box scheme began in April 2013, with the intention of enhancing the competitiveness of the UK tax system, encouraging the location of high value jobs in the UK and promoting investment and growth.
In November 2014 it was announced that the initial Patent Box scheme would closed to new entrants. The Government introduced the new scheme effective 1 July 2016 and both schemes will run in parallel until June 2021.
The key benefit to those eligible is a significant reduction in Corporation Tax paid on qualifying profits. In order to be eligible, potential beneficiaries must have appropriate patent protection in place that can be directly linked to a product or service generating the qualifying profits.
Withers & Rogers can help review the potential for patentable matter within an organisation via an intellectual property (IP) audit and assessment. Following this we will suggest a possible course of action, together with associated costs, steps involved and a realistic timescale.
As well as assisting organisations looking at the possibility of protecting IP for the first time, we are working with existing clients to review portfolios because in some instances, the decision as to whether a technology should be patented or not may now have swung in favour of patent protection.
If you think Patent Box may be of benefit to your organisation and you would like a free initial discussion, please get in touch via the link to our “Contact Us” section.