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Companies that have not yet considered how their products or services may fall within the definition of Research & Development (R&D) for tax purposes are likely to be missing out on significant tax savings through R&D tax relief.
R&D tax relief rewards companies that are seeking advancement in the state of knowledge in their sector. In the definition for tax purposes1, R&D does not necessarily mean the development of a new product. R&D can involve development of new or improved products, processes, services, devices or materials. Importantly, R&D is not limited to a particular industry. For example, R&D claims can be made in industries such as retail (e.g. improved processes), IT and telecommunications (e.g. software development), food and beverage (e.g. innovative recipes), engineering (e.g. new materials), manufacturing (e.g. automation) as well as the more well-known R&D industries such as pharmaceutical, biotechnology and energy. (more…)
Whilst Research & Development (R&D) tax relief is now an adult, given that is has been in the UK tax legislation for over 18 years, there are many companies still not claiming the relief they are entitled to or are only scratching the surface in their claims.
Most companies don’t claim because they are simply not aware. HMRC estimate that around 200,000 companies in the UK could be claiming R&D tax relief but only around 40,000 actually do.
As a reminder – to an SME a claim uplifts qualifying costs by an additional 130%, substantially reducing a tax liability or, in the case of losses, an increased loss that can be surrendered in return for 14.5% cashback from HMRC, whether or not that company has paid any tax in the past! A claim can be submitted up to two years after the end of the accounting period.
What are the three main misconceptions or barriers to make a claim? (more…)
A week ago we noted that IPKat had received details of two proposals (2.5 proposals if you count the SME variant) that the EPO is seriously considering with respect to the renewal fees for the unitary patent.
After we got over the initial shock that some actual figures had been revealed (leaked?) we took a closer look and realised that what most of the commentary was missing on this news was some fancy-ass graphs. So here, for your viewing pleasure, are some fancy graphs*, some comments and an observation or two.
…. Did we mention there’s graphs?……. in colour? (more…)
IPCopy welcomes K2 IP Attorney Adam Brocklehurst for his inaugural blog post, which we hope will be the first of many! Adam was our reporter-on-the-ground at the Westminster Legal Policy Forum on 30 April 2013, and you can enjoy his whistle-stop-tour of the event here.
The Westminster Legal Policy Forum gathered in Whitehall this week for a wide-ranging discussion of hot IP policy and political topics. IP Copy was there to pick up any interesting tidbits. Headliners were HHJ Birss, Baroness Wilcox, Sean Dennehey, representatives from the European Commision, and various speakers from practice and industry.