From R&D tax incentive advice to help develop your innovations, to Patent Box tax relief and planning, and independent accountant's reports (IAR), our specialist Innovation tax team can deliver bespoke solutions for your IP-rich business.

Understanding you

Whether you are a start-up business or an established multinational company, our Innovation team has relevant experience in addressing the challenges and opportunities that await you in this sector.

We have invested years in nurturing a network of helpful contacts in the innovation ecostructure, so that we are able to provide rounded, strategic advice to IP-rich businesses.

Our services

In addition to the services and skills needed by all businesses, you have access to specialist skills and experience particularly relevant to innovative businesses. Our services include:

Independent Accountant's Reports (IARs)

How can Hazlewoods help?

Hazlewoods Innovation tax relief specialists have a wealth of experience in preparing R&D and Patent Box tax relief claims as well as assisting clients with the planning required to maximise those reliefs. Hazlewoods can also assist with the valuation of your intellectual property and for companies holding process patents, the notional royalty required to claim Patent Box. The team make the process quick and painless. With the benefit of our knowledge and experience, most claims that we prepare are processed efficiently by HMRC and repayments are usually made within a matter of weeks.

In the year to 30 April 2023, the Hazlewoods Innovation team assisted clients with identifying qualifying R&D expenditure worth almost £63 million and together with our Patent Box advisory services helped clients to obtain R&D and Patent Box tax savings worth over £11.3 million.

Don’t miss out! Contact us today to arrange a free initial consultation to explore whether your company could benefit from making a claim.

Changes to the R&D tax relief schemes

Watch our quick summary of the recent updates

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Where on the Innovation journey are you?

Helping you achieve your goals

Our Innovation specialists take a personal and proactive approach in helping you to navigate through the complexities of this dynamic sector and to maximise your opportunities. Unlike many advisory firms which focus on a particular practice area, our Innovation team integrates specialist accounting, tax and corporate finance professionals, as well as independent experts in grants and intellectual property commercialisation. Our aim is to ensure that all relevant aspects are considered in the development and implementation of your business strategy.

Supporting clients through the Patent Box tax relief process: a case study

TBS Engineering is a world-leader in producing automatic machinery for the lead acid battery industry.

Over the years it has expanded and in 2014 alone invested more than £1 million in research and development to pioneer new technologies and support customers with class-leading battery assembly equipment. It continues to this day to invest heavily in its R&D programme.

When Patent Box was first introduced, Hazlewoods explained the intricacies of the legislation to TBS and how this could apply to the company’s assembly line sales. Due to the complexities involved, Hazlewoods arranged a meeting with HM Revenue and Customs at the company’s premises to discuss and agree its conclusions.

Jon Curtis, Group Finance Director of TBS Engineering Limited, said:

“Hazlewoods made a complicated claim process relatively straightforward for us. After initial discussions to understand how the patented items incorporated into our products, Hazlewoods Corporate Tax partner David Clift, along with Jemma Vaughan liaised directly with HMRC on our behalf to ensure that all relevant income was fully captured.

“The services provided to us in respect of R&D and Patent Box reliefs has been invaluable.”

Identifying Patent Box and R&D tax relief opportunities: a case study

Established in 1998, Auger Torque Europe develops and produces hydraulic attachments for the construction and agricultural industry. The continuing demand for transportation and infrastructure is constantly driving product development and service. As a result, the company is continuously expanding its product range.

Since 2013 Hazlewoods has worked closely with Auger Torque to understand the composition of the company’s sales and the nature of the patented technology, to assist the company in identifying the relevant income and profits for Patent Box purposes.

Mike Cartwright, Chief Financial Offiicer at Auger Torque Europe, said:

“Hazlewoods has been a great support to Auger Torque. They have taken the time to understand our business and the products that we sell and used this knowledge to submit successful R&D and Patent Box tax relief claims to HMRC.”

Featured news

Tax update: R&D tax regime - where are we now?

Thursday 21 December 2023

As reported in our last issue of Talking Tax, a number of changes to R&D tax incentives were on the horizon. We recap on the key changes now that the rules have started to bed in, as well as look ahead to an even bigger overhaul from April 2024.

Innovation update: UK is set to re-join the European Commission’s Horizon Europe programme supporting science and research

Thursday 7 September 2023

The UK is set to re-join the European Commission's Horizon Europe programme supporting science and research after a three years hiatus.

Spring Budget 2023: Research and development tax relief updates

Wednesday 15 March 2023

Despite the R&D tax relief rate for SMEs reducing from 130% to 86% in the Autumn Statement in November 2022, from 1 April 2023, HMRC is now proposing that ‘R&D intensive’ loss making companies will be able to surrender losses for tax credits at 14.5% as opposed to the 10% they proposed in the Autumn Statement.

Innovation and Technology update: R&D tax relief reform

Wednesday 8 March 2023

A number of changes to R&D tax relief are due to take effect from April 2023 in one of the biggest shake ups to the regime since its inception.

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

Tuesday 15 November 2022

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

Tax update: HMRC focus in on irregular R&D tax relief claims

Monday 3 October 2022

R&D tax relief claims have been under increasing scrutiny in recent months as HMRC has looked to clamp down on irregular claims. Just before the summer recess, draft legislation was also published setting out new requirements for businesses claiming under the regime.

Innovation and Technology update: HMRC suspends payment of some R&D tax credits

Tuesday 24 May 2022

HMRC has placed certain research and development (R&D) claims on pause while it investigates some irregular claims.

Innovation and Technology update: Rewarding your company for protecting its IP - A Q&A with Director, Jemma Vaughan

Thursday 7 April 2022

Could you patent pay for itself? A Q&A with Jemma Vaughan, Innovation and Technology Director at Hazlewoods.

Innovation and Technology update: Outcome of R&D tax credits Consultation and proposed changes

Wednesday 1 December 2021

HM Treasury yesterday released details of the long-awaited outcome to the Consultation on the potential reform of the R&D tax incentives, which was launched at the Spring Budget 2021. Some reforms were trailed in the Chancellor’s Autumn Budget speech, but the document published on 30 November 2021 provides the full details and next steps.

Innovation and Technology update: R&D claims on the rise

Friday 15 October 2021

HMRC has published their annual statistics for R&D claims showing a sizeable 16% increase from the previous year.

Innovation and Technology update: Could your patent pay for itself?

Monday 13 September 2021

Applying for and retaining patents to protect a product or process that may have taken years to develop can be a costly business. But did you know that companies can benefit from a valuable tax relief known as Patent Box?

Technical update: R&D consultation 2021

Monday 17 May 2021

R&D tax incentives have been around since the year 2000, and since their introduction they have provided extremely valuable support for UK companies developing new products, processes, and capabilities. In the Budget 2021, an R&D consultation was announced. Find out more here.

Testimonial from Jon Curtis of TBS Engineering Limited

"Hazlewoods made a complicated claim process relatively straightforward for us. After initial discussions to understand how the patented items incorporated into our products, David and Jemma liaised directly with HMRC on our behalf to ensure that all relevant income was fully captured. The services provided to us in respect of R&D and Patent Box reliefs has been invaluable."

Testimonial from Pete Hutchinson, Director of The Traffic Group Limited

"Hazlewoods have been instrumental in helping the group identify R&D and Patent Box tax relief opportunities. It is also reassuring to know that Jemma is just a call or email away to give proactive advice when we are planning to make any commercial decisions which may affect the financial position of the group."

Testimonial from Mike Cartwright, CFO at Auger Torque Europe Limited

"Hazlewoods has been a great support to Auger Torque for a number of years. They have taken the time to understand our business and the products that we sell and used this knowledge to submit successful R&D and Patent Box tax relief claims to HMRC."