Source Advisors have been delivering Patent Box services to our clients since the scheme was launched in 2013. We have always known that any client who is claiming R&D tax relief should be supported to actively identify, value, manage, and exploit their Intellectual Property, often resulting in the benefits of a Patent Box claim.
A specialist technical report at the heart of every Patent Box claim
Every year we handle a Patent Box claim for a client we provide a technical report in addition to the financial report that is submitted. Even though a technical report is not required by HMRC, we believe it is crucial as it demonstrates to HMRC your understanding of the Patent Box legislation and it gives HMRC sight over your IP strategy going forward.
What does a Source Advisors’ technical report include?
Our technical report includes:
- An outline of the patents proposed as part of the claim
- Any additional patent applications that may be used in future claims. This provides HMRC with a forward notice of a potential increase in the Patent Box claim in future years.
- Expiry dates and current legal status of your patent portfolio. This shows HMRC that you understand your patent portfolio and have good control over your intellectual assets. It also serves as a great reminder to you for when your patents are to expire, allowing for strategic future planning.
- It can be used as supporting evidence should HMRC raise an enquiry into your Patent Box claim.
What to look for in a Patent Box specialist?
With our long history, Source Advisors is a Patent Box specialist, and we are uniquely placed to assist businesses in IP and Patent Box matters. We have in-house patent professionals that work alongside our in-house tax professionals to provide a comprehensive service that is driven by a complete understanding of patents and Patent Box legislation.
Our in-house patent team will assess the technical scope of your patent portfolio against your finances to ensure you claim what you are entitled to. We have a deeper understanding of how your patent portfolio relates to the legislation surrounding the Patent Box regime.
We can help identify patentable technologies that are not covered as part of your existing portfolio. Our in-house patent team can get you started on securing patent protection for those technologies in your profit streams that are not included in your current Patent Box claim to expand the coverage of your claim.
To find out more about Patent Box and whether your business could benefit read more here or contact us.
