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.
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.
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.
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.
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.
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.
The level of capital allowances on cars you can claim, depends on the level of CO2 emissions of the car/cars in question. This is only relevant for businesses that have acquired cars, zero-emission goods vehicles or equipment for gas refuelling stations for use in their business.
SEIS and EIS Advance Assurance lets investors know that if they invest their money in the company and it remains qualifying, they will obtain their relevant reliefs.
With EIS and SEIS Tax Relief, there are several common problems and mistakes made which could have a impact on your claim. Here we cover the common problems and what can go wrong.
Capital allowances are a means of saving tax when your business buys a capital asset. You can claim capital allowances when you buy assets that you keep to use in your business.
Assists organisations in accessing research and development grant funding across a range of UK and EU schemes and industry sectors.
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