Bath firms will be guided through the latest changes to the UK’s innovation incentive landscape in an online event staged by accountancy firm Smith & Williamson next week.
The Zoom webinar will highlight new rules around the Patent Box regime, which came into force on June30, as well as the recent government consultation on Research And Development (R&D) Tax relief. 
It is targeted at professionals and business owners wishing to gain a wider understanding of the innovation incentives available for commercial businesses undertaking research and development and generating revenue from qualifying Intellectual Property (IP) rights.
The event takes place next Wednesday, July 14, from 10-11am and will feature presentations from associate director, business tax, Clare Anderson, who is based in Smith & Williamson’s Bristol office, and Bradley Mitchell, associate director, R&D incentives advisory.
The pair will cover the changes made to the UK Patent Box regime which took effect this month and discuss how innovation funding could change following the R&D Tax relief consultation published by the Treasury and HMRC in March.
Clare, pictured, said: “The UK patent box regime is a generous relief that was introduced in 2013 to incentivise companies to retain and commercialise existing patents, and to develop new innovative patented products.
“The mechanism of the relief is by way of an additional deduction claimed in the company’s tax computation to give an effective corporate tax rate on qualifying IP profits of 10%.”
She said changes introduced from June 30, 2016, were now mandatory. The calculation is now streamed by IP right and based on a ‘modified nexus’ approach linking relevant R&D expenditure to the patent or patented item.
“While the calculation for the patent box additional deduction can be cumbersome, once a process is established the administrative burden should be significantly reduced,” Clare added.
“The benefit of the UK’s Patent Box regime is worth exploring for qualifying companies and should outweigh the efforts required to claim.”
To register for the webinar, visit: https://us02web.zoom.us/webinar/register/9316242677060/WN_IMZGsxZ-ThuL0qKJYRMFAg
Smith & Williamson is part of leading wealth management and professional services firm Tilney Smith & Williamson.
