Wouldn’t it be great if you could cut your corporation tax bill in half?
If you have a patentable product or process, you may be able to reduce the rate of corporation tax to 10% on some of your profits. Qualifying companies can claim both R&D tax relief and Patent Box tax relief so the savings could be huge.
You don’t have to own a patent already to make the most of this. This scheme helps you to reduce your corporation tax rate from 20% down to 10% on profits earned after 1 April 2013 from your patented products, processes and other innovations. The savings are being phased in over 4 years so the full benefit will not be seen until April 2017 but significant savings could be enjoyed now.
If this is of interest to you, then give Michael Burgess a call on 01782 279615 when you have a moment and he’ll explain how the relief works.