Are you unsure of the legalities around patenting and protecting your intellectual property rights?
Are you aware of the tax benefits that patenting alongside research and development tax relief can bring?
These are just a few of the topics on the agenda at this Thursday’s (22nd) R&D Tax Relief and Patent Box Breakfast Seminar hosted by ASM Chartered Accountants, in partnership with HM Revenue & Customs and Hanna IP, at Radisson Blu Hotel, Gasworks, Belfast.
Caroline Keenan, Director at ASM Chartered Accountants: “We have organised this seminar in partnership with HMRC who will talk about the extremely attractive tax reliefs available to companies investing in Research & Development through both R&D tax relief and the Patent Box Regime, and John Hanna from Hanna IP, an intellectual property company providing specialist advice in relation to patents, trademarks, designs and copyright who will consider how best to protect and exploit your IP.
Caroline continued, “There are still a considerable number of companies in Northern Ireland across a range of sectors and industries that are not maximizing claims for R&D tax relief, nor planning ahead to take advantage of the 10% corporation tax rate under the Patent Box Regime. We have worked with a number of such companies to assist with making R&D tax relief claims securing significant cash repayments, and have guided companies in the actions required now to avail of the 10% tax rate for income derived from IP.”
David Stewart, Head of HMRC’s NI Corporate Tax Office said “Both the R&D and patent box incentive schemes represent valuable support for innovative companies, to help them both develop and commercialize cutting edge technology.”
John Hanna from Hanna IP said: ““A lot of people think patents are reserved for complicated inventions suitable for big pharma or biotech companies. Nothing could be further from the truth.
“We act for many local Northern Ireland engineering firms where the technology is quite simple but includes a clever innovation designed by our client. This innovation helps distinguish our client’s products from their competitor’s products on the market place and gives them a unique selling point.
“The key message with the patent box is that a single patent on one part or aspect of a larger product allows the total sale value of the larger product to go into the patent box. So if you manufacture large trailers and you have a patent on the brake lights, the profits of the sale of the trailer and not just the brake lights is eligible for the reduced rate of corporation tax”.
The event is free of charge and will run on Thursday 22nd January at Radisson Blu Hotel, Gasworks, Belfast 8.00am start and 10.15am finish. For further information and registration contact ASM Chartered Accountants and visit www.asmaccountants.com or call 028 90249 222.