Are you prepared for Patent Box regime?
LET'S start with some questions. Do you know what your business' sustainable competitive advantage (SCA) is? Do you have more than one? Did you solve your SCA with a novel idea or invention? How are you looking to improve or develop your SCA? Have you protected your SCA? Are you preparing for the new Patent Box regime? Are you using protection?
You may be familiar with inventive ideas with their pending patents or the latest must-have gadgets complete with granted patents, but have you have you ever considered a patent for your business?
Patents are a legal identification of the original owner of an underlying invention. The patent gives the owner the right to prevent others from using, selling or distributing the patented information without permission.
Historically, the benefit of obtaining a patent has been weighed up against the potential loss that an infringement could bring or the value of licensing out the intellectual property rights, together with the legal costs of obtaining a patent and the potential legal costs of fighting a claim.
Business Cards From Only £10.95 Delivered www.myprint-247.co.ukView details
Our heavyweight cards have FREE UV silk coating, FREE next day delivery & VAT included. Choose from 1000's of pre-designed templates or upload your own artwork. Orders dispatched within 24hrs.
Terms: Visit our site for more products: Business Cards, Compliment Slips, Letterheads, Leaflets, Postcards, Posters & much more. All items are free next day delivery. www.myprint-247.co.uk
Contact: 01858 468192
Valid until: Friday, May 31 2013
We strongly recommend that you consider the possibility of obtaining a patent for an invention at an early stage. Some subject areas are excluded from patent application, such as business methods and computer programs, and these exclusions do vary from country to country. It is important to have in mind the business' overall strategy when considering the geographical locations to apply and the benefit of including allowable concepts in the development of an invention if the subject area falls within an exclusion.
The latest tax incentive:
From April 2013, new tax rules are to be introduced which will extend the current generous research and development tax relief and credit system with a new regime called Patent Box. Under the new regime a new rate of corporation tax is being phased in, as follows:
Small Companies Rate Main Rate
From April 2013 14.0% 14.8%
From April 2014 13.0% 13.6%
From April 2015 12.0% 12.4%
From April 2016 11.0% 11.2%
From April 2017 10.0% 10.0%
What profits are the rates applied to?
Profits relating to a wide range of income types can benefit from the lower tax rates, as follows. Selling patented products, selling or licensing out patent rights, income arising as a result of patent infringements, damages, insurance or other compensation relating to patent rights.
How can I qualify?
To benefit, a company must own or exclusively license the patents and must have exclusively undertaken qualifying development on them.
Patents must be granted in the UK, by the European Patent Office or in one of 13 European Economic Areas.
Randall & Payne have written a Patent Box Guide which can be found on their website at www.randall-payne.co.uk or further details can be obtained by contacting Chris Mattos on email@example.com.