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Can I include intangible assets in a R&D Tax Credit claim?

Intangible assets are often a poorly understood category and are frequently left for the accountants to work their magic on when preparing the year-end accounts. This can lead to them being overlooked when identifying the R&D costs for a claim.

How does R&D tax credits affect your company accounts?

How R&D Tax Credits affect your company accounts will depend on which scheme you're claiming via - SME Scheme or RDEC Scheme.

Does Grant Funding Affect my R&D Tax Credits Claim?

Even if a company has received grant funding, they can still obtain R&D tax credits for the same development work! It is highly likely that at least some of the development work funded by a grant will be eligible for an R&D Tax Credits claim.

Patent Box HMRC – What else do I need to know?

There are a number of additional qualifying intellectual property rights that can be attributed to Patent Box. These include IP such as regulatory data protection (also called ‘data exclusivity’), supplementary protection certificates and plant variety rights.

How far back can you claim on the Patent Box Scheme?

Companies must elect into the Patent Box Scheme within two years after the end of the accounting period in which they received the relevant income.

How much could I receive from Patent Box Tax Relief? Patent Box Calculation Example

You work out your tax benefit by subtracting an ‘additional trading deduction’ from your Corporation Tax profits. To do this, you first need to work out what your relevant profits are.

Am I eligible for Patent Box UK?

Only companies liable to pay Corporation Tax are eligible for the Patent Box UK. The company also needs to be making a profit from commercially exploiting patented inventions to receive the reduction in corporation tax.

How do I claim Patent Box Tax Relief?

To claim Patent Box tax relief, there are four key eligibility criteria that your business must meet. If your business meets this criteria, you must then elect in to the Patent Box scheme.

What is Patent Box Tax Relief?

The Patent Box Tax Relief Scheme is designed to encourage companies to keep and commercialise intellectual property in the UK and forms part of the UK Government’s growth agenda.

What is Capital Allowances Super Deduction?

From April 1 2021 until March 21 2023, companies investing in qualifying assets will benefit from a 130% first-year capital tax allowance. This upfront capital allowances super deduction will allow companies to cut their tax bill by up to 25p for every £1 they invest.

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