- Increased focus responds to client demand for support across the innovation lifecycle
- Rise in Corporation Tax from 1 April 2023 makes Patent Box relief even more generous
3 April 2023 – ForrestBrown, the UK’s leading research and development (R&D) tax specialist, has extended its support for businesses claiming Patent Box relief. The move comes in response to client demand and will provide further support for businesses looking to leverage their intellectual property to fund further innovation.
The Patent Box regime encourages companies to commercialise their intellectual property (IP) in the UK by providing a reduction in Corporation Tax on profits earned from patented inventions. The rise in Corporation Tax (from 19% to 25%) is expected to fuel interest as the reduced rate of 10% payable on profits earned from patents becomes even more valuable for innovative businesses.
ForrestBrown has developed an integrated innovation incentives service, delivering greater client value in a holistic approach across the innovation lifecycle – securing benefits from ideation to commercialisation.
Patent profits must be linked to R&D expenditure, meaning ForrestBrown can call on experience gained as the UK’s leading R&D tax relief adviser to inform its Patent Box work. ForrestBrown’s team works with clients to establish their R&D and Patent Box entitlement, tracking and tracing expenditure against relevant IP income streams to calculate the benefits businesses are entitled to.
David Byrne, Director at ForrestBrown, comments:
“ForrestBrown has driven positive change in the market for R&D tax advice over the last decade, so it’s exciting to bring our passion and proven capabilities to help more businesses benefit from Patent Box relief – particularly in a challenging economic climate for SMEs.
“Patent Box is a key part of the innovation toolkit for businesses, but many are put off by what can appear to be a complex process. Our team is well placed to help eligible businesses overcome any barriers preventing them from benefiting, building on our in-depth knowledge of R&D and unrivalled technical tax expertise.”
ForrestBrown is the UK’s leading R&D tax relief consultancy. Our 130-strong multi-disciplinary team is made up of qualified chartered tax advisers, accountants, lawyers, industry sector specialists and former HMRC inspectors. We offer unmatched technical expertise and are passionate about helping innovative businesses grow. We were named ‘best independent consultancy firm’ at The Taxation Awards 2018 and since inception have delivered over £500 million for our clients. ForrestBrown is a wholly owned subsidiary of alliantgroup, the premier provider of tax credits and incentives.