Intellectual property service

Our service will protect your valuable documents, designs and ideas for the future. Take advantage of our experienced advice early in the patent creation process and possible tax breaks.

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Intellectual property service

What is Intellectual Property

Intellectual Property (IP) is something that all firms hold in some form. For example, IP might be a trademark, design, innovation, or other types of work that a company owns legally.

Documents, databases, designs, software, symbols, company and product names, and any visuals you use to promote your firm are all examples of IP associated with your business.

Small enterprises, in particular, must ensure that their intellectual property is protected. If your firm is founded on your intellectual property and copied, you risk losing customers and market share.

What is Intellectual Property
How does Intellectual Property lead to tax reliefs

How does Intellectual Property lead to tax reliefs?

You can recoup the costs of creating, maintaining, and registering your IP. Patents and trademarks generated or purchased before or after April 1, 2002, are taxed differently.

The tax treatment of IP developed or acquired after April 1, 2002, generally follows the accounts, with a deduction for corporation tax given for any amortisation charges reported in the accounts, or a deduction at a fixed rate of 4% per annum if none are recognised. The tax benefit is spread over the IP’s life span.

It is exempt if the IP was obtained or established before April 1st, 2002. The corporation will only receive tax relief for the original costs incurred when the IP is sold.

Annual revenue costs of maintaining your IP may be tax-deductible in the year incurred.

Tax relief through The Patent Box

The Patent Box is a new relief that took effect on April 1, 2013, allowing corporations to apply a lower corporation tax rate to profits due to qualifying IP, potentially saving money on taxes.

The Patent Box was created to encourage businesses to preserve and commercialise their intellectual property in the United Kingdom. It permits businesses to pay a lower Corporation Tax rate of 10% on earnings produced from patented inventions.

Finally, because the benefit can be limited to the extent that R&D took place in the UK, the Patent Box typically requires you to track and trace your R&D expenditure against the patent.

Tax relief through The Patent Box

Does my business qualify for
Patent Box?

The Patent Box relief is intended for businesses who want to profit from patented technologies or other developments protected by IP rights.The key conditions to qualify for the Patent Box will be:

Is being a Limited Company best for my business

The company has completed qualifying development by inventing or significantly contributing to the innovation that has been patented.

Business planning to improve your shop’s financial performance

Investing a significant amount of time and effort into developing the patented innovation or determining how it can be used;

Taking care of your accounting needs

A group, IP holding firm, can benefit from the Patent Box if it actively manages the patents it owns;

Certificate of Incorporation

If the patent is licenced, it must be under an exclusive licence with at least national exclusivity rights.

Why Choose
Fusion Accountants

We work with businesses across a wide range of industries, from start-ups to multinationals, to help them realise the benefits of these tax incentives and thrive.
We can assist you in claiming the relief through your Company Tax Return, which will reduce both your taxable profit and the amount of Corporation Tax you must pay.

Working with our partner Seed Legals

They will take care of your intellectual property rights and protect your ideas, designs and secrets with a simple to set up IP Assignment Agreement.

Working with our partner Seed Legals
Taking control of your intellectual property

Taking control of your intellectual property

Avoid disputes over IP. Use our template IP Assignment to clarify that your start-up owns work done.

Protect your valuable documents, designs and ideas for the future.

Speak to one of our specialists

Please get in touch with our specialist team to find out more about how we can help you with your Intellectual Property agreement and related tax benefits.

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FAQ ‘s

What is Intellectual Property Rights (IPRs)?

Intellectual Property Rights grant the inventor or owner the only right to use and profit from the intellectual property. Even if someone creates something for you or your company, you don’t immediately own it unless the IPRs have been fully transferred to you.

What IP rights can be transferred?

There are different types of Intellectual Property rights including:

  • Patents
  • Copyrights
  • Trademarks
  • Industrial designs
  • Trade secrets

There are also registered and unregistered design rights.

How long does Intellectual Property last UK?

A patent is a territorial Intellectual Property right awarded to an inventor by a country’s government. A UK patent lasts for twenty years if annual renewal fees are paid, and protects only within the UK.

Are you taxed on the sale of Intellectual Property?

Normally, a UK resident is taxed on one-sixth of the sale price over a six-year period, which begins when the patent is sold. Alternatively, once the sale funds are received, the inventor (seller) may elect to have the entire capital sum taxed.

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