Laughter at an R&D Seminar? With the taxman?

Laughter, audience participation, lots of questions and healthy banter – not something you would usually find when you get accountants, HM Revenue & Customs, the Intellectual Property Office (IPO) and tax specialists in a room together! 

But that is exactly what happened on Tuesday 14th October when Dodd & Co hosted a “Rewarding Innovation” seminar at Energus. The seminar attracted over 30 delegates from a wide range of backgrounds and industries.  The purpose of the seminar was to do exactly what the title suggested; to talk about how companies could obtain rewards – via various tax reliefs – for innovative ideas.

The business development officer from the IPO discussed the importance of protecting the intellectual assets of the business – from branding and websites to the business name, confidentiality agreements and copyright.  A pop quiz about famous brand identities ensued – not to mention guessing the income of dead celebrities (oh, the benefits of copyright)!

HMRC explained the Research and Development (R&D) tax regime and made it clear that R&D relief is not just for (mad) scientists but for companies from many different industries.  The speakers illustrated that the key is the development of new systems, products, processes, services or materials – which can occur in fields as diverse as new media, electronics, engineering, waste management, psychology and software! HMRC also explained that R&D tax relief can also generate “cash back” claims which can be vital to companies in the early – and even not so early – stages of development – cash which can be critical in turning ideas and research into commercially viable reality.

The Patent Box regime – a relief which provides a lower rate of corporation tax for companies with income generated from registered patents – was also explained.  Delegates were told in no uncertain terms that the Government see research and innovation as a key area for the future growth of the UK and that there are tax reliefs out there ready and waiting to be claimed!

The difficulty, as is often the case with this kind of thing is the complexity, red tape and of course the paperwork! However this should not put anybody off the process and that’s what we are here to help you with. The credits are there to be claimed so don’t miss out!

If you would like any more information on R&D or would like to check if something you are currently working on might have the potential to qualify please contact Kathryn Brown on 01228530913 or email kathryn.brown@doddaccountants.co.uk

 

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