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Innovation Fuelled by R&D Tax Credits & Patent Box Scheme

August 17, 2023

Danielle Wallis
Marketing Manager


Innovation Fuelled by R&D Tax Credits & Patent Box Scheme

Innovation is not just an add-on; it's at the heart of dynamic, future-forward businesses. When it comes to fuelling the innovative drive, there are two potent tools that businesses often overlook - R&D tax credits and the Patent Box scheme.

The common misconception is that these schemes are an either/or proposition. In reality, they are more like two sides of the same coin, supporting businesses at different stages of your business journey.

Concerning the Patent Box scheme, it's time to debunk the myth that it's exclusive to large corporations. Eligibility depends on three factors: the business's liability for UK Corporation Tax, holding an exclusive license or ownership of a UK or Europe-sanctioned patent, and qualifying development of the patented product or process.

Both R&D tax credits and the Patent Box aim to boost innovation in UK businesses, albeit in different ways. The former provides tax relief for relevant R&D expenses, while the latter encourages commercialisation by offering a reduced Corporation Tax rate on profits derived from patented inventions.

Suppose your business fulfils all criteria. In that case, you can benefit from both the schemes – R&D tax credits can offset the research phase's cost, and the Patent Box scheme comes into play when your patented product or process begins generating profits.

While these schemes offer significant benefits, navigating them can be complex. That's where Inventya steps in. Our seasoned team of R&D tax advisors, coupled with our in-house IP specialists, can assist you with your claims. Furthermore, our experts are well-versed in pinpointing any potential patents and can offer advice on whether they’re worth pursuing.

Combining the benefits of R&D tax relief and the Patent Box can have remarkable advantages, such as:

  • Improved cash flow from tax credits and refunds
  • Renewed enthusiasm for innovation and R&D
  • Enhanced competitive edge due to patented inventions
  • Increased bottom line from reduced Corporation Tax under the Patent Box scheme
  • Heightened reputation in innovation, making your business more appealing to investors
  • Increased employee engagement due to the perceived value of their work in R&D

So, in a nutshell, an informed and strategic approach to R&D tax relief and Patent Box benefits can lead to significant financial and strategic gains, fostering not only growth but also your competitive standing in the marketplace.

At Inventya, we're more than just advisors; we're your partners in your innovation journey. Our goal is to help you harness the full potential of the available financial incentives, creating an atmosphere that's ripe for continual progress and development. So why wait? Get in touch with Inventya today and let's turn your innovative potential into a significant market advantage.

August 17, 2023
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