Innovation and Technology update: Why more small businesses should consider Patent Box to reduce their tax burden

HMRC offers a generous tax reduction for those companies who invest in patents. In this special feature interview with Business & Innovation Magazine, Jemma Vaughan, Director at Hazlewoods, explains why more small businesses should consider Patent Box.

Starting a Patent Box relief claim isn’t straightforward, but the long-term rewards are worthwhile for those innovative businesses with a strategic plan.  “It is a reduction in your corporation tax bill and is there to encourage reinvestment in your research and development programme if you wish” explains Jemma. “But ultimately it’s up to you what you do with the tax saving.”

Jemma says “We have prepared an information pack to help companies collate the information we need, to gauge whether there may be savings available for them and, if so, an approximate idea of the amounts involved. Our initial calculations will help a company decide whether to take it further.”

To read the full interview click here.

For further information on Patent Box, please contact Jemma Vaughan on 01242 237661.

Related Pages

Patent Box

The UK Patent Box is a generous tax incentive. Innovative companies will pay tax on their Patent Box profits at just 10% compared to the current main rate of corporation tax of 25%.

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