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Should new firms be lining up to claim relief under the R&D and patent box schemes?
KEY POINTS
- The ultimate business goal of the owners will be relevant but is this clear?
- Understanding the elements of research and development tax relief.
- Is it worth patenting products to obtain the reduced rate of corporation tax?
- The relevance of the new employer shareholder status.
- Flexible personal loss relief versus corporate tax relief.
This article stems from one call received from a science park organisation to meet and give initial advice to one of their start-up members whose initial focus was: “should we be a company?”
However this led to some basic research and development (R&D) and patent box aspects. For many of our clients whether to apply for R&D or patent box is a no-brainer.
Thought must therefore be given to these points...
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