PATENT BOX

Lower your Corporation Tax - and increase profits - with the Patent Box, a programme that reduces your tax exposure on income generated from a patented product. 

Right now, we know that many eligible businesses aren’t aware of the tax benefits of patenting, but if you’re an inventor or a business with a unique idea, you could be eligible for a patent and to benefit from the Patent Box to lower your tax bills. 


PATENT BOX

WHAT IS THE PATENT BOX?

The Patent Box is a generous tax incentive that reduces the rate of Corporation Tax a business pays on profits from patents and patented products.

If your application is successful, a 10% Corporation Tax is applied on earnings from your patented inventions, rather than the standard 19% Corporation Tax rate.

Even better, tax savings from the Patent Box can be claimed alongside Research and Development (R&D) Tax Credits - and we can help you claim for both. 


"Acconomy have been instrumental in helping us understand our accounting requirements, tax benefits available, how the business should be structured to incentivise employees through an employee share option scheme and what the consequences were when trading in other countries. Acconomy have helped behind the scenes from conception to the thriving business we have today"

- Wen Nivala, Director, Apption Labs Ltd

Learn More

HOW CAN ACCONOMY HELP?

Working closely with trusted partners, our financial planning and wealth management services can help you make your money work harder for you, whether you’re planning your retirement, or wanting to safeguard your business for the future. Here are the areas we can support you with:

We’ve helped a number of clients successfully achieve Patent Box status and we can help you too. Essentially, the Patent Box regime is an HMRC scheme that rewards innovative businesses with a lowered Corporation Tax, by incentivising them to keep their Intellectual Property within the UK.

The conventional wisdom is that it’s a waste of time trying to register patents. It’s expensive and someone somewhere will still copy your idea, so what’s the point?

But, if the objective is to find sufficient IP to allow a patent on one aspect of your IP, then you can qualify for the Patent Box tax break that halves the Company’s tax liability. We can arrange for an Intellectual Property “Harvest” to be carried out for a modest fee to ascertain whether your company could be eligible.

Not sure if the Patent Box is relevant to your business, or how you can benefit?  

You could be a eligible for the Patent Box if you:

  • Are a UK limited company that pays Corporation Tax in the UK
  • Already have a patent in place
  • Or has developed a unique money making idea or process that could be patented 

And with Corporation Tax due to increase from 19% to 25% from April 2023 for businesses with profits over £250,000, there’s no better time to get started. You could even backdate claims to cover profits raised during the “patent pending” phase. 

IP protection goes hand-in-hand with this, and we partner with IP experts for this reason. Talk to us about how you can maximise your tax relief through these avenues.


  • BOOKKEEPING
    We offer reliable bookkeeping
    services, from processing receipts
    and invoices to credit control and
    reconciling bank accounts, working
    with QuickBooks Online, Xero and
    Xledger, among other accounting
    software providers.
  • VAT RETURNS
    We’ll prepare and submit your
    quarterly Making Tax Digital
    compliant VAT returns on your behalf.
  • QUARTERLY MANAGEMENT
    ACCOUNTS

    Get insights into your business performance and help improve future results with quarterly management
  • information and commentary, which not only includes financial performance measures, but other key details, including customer profitability, marketing effectiveness and production efficiency.
  • ANNUAL COMPANY ACCOUNTS AND
    SUBMISSION TO COMPANIES HOUSE

    We’ll take care of your Annual Company Accounts, and submit these to Companies House on your behalf.
  • CORPORATION TAX COMPUTATIONS,
    RETURNS AND FILING

    We help limited companies prepare and file their company accounts, returns and computations.
  • COMPANY CONFIRMATION STATEMENTS
    We prepare and file annual confirmation
    statements for limited companies and
    LLPs to Companies House.
  • PAYROLL
    Whether you have one employee or 1,000, We take away the hassle of payroll from our clients by providing a full payroll service.
  • TAX PLANNING
    We specialise in helping SMEs and startups become tax efficient with tax planning advice.

We go beyond the day-to-day when it comes to compliance processing for startups and entrepreneurs. Work with Acconomy as your Intelligent Virtual Back Office and you’ll have clarity on your business finances through our expert planning and advice for the lifetime of your business. Our support provides both everyday accounting services as well as long-term high level planning to ensure the greatest opportunity for growth and success. 

We’ll see where your business is today, and help you discover what it needs to thrive tomorrow. Our approach is cloud-based, meaning that we can easily (and securely) scale our support for you as your business grows, using tools like Xero, QuickBooks Online and Xledger to streamline your accounting processes.

Not only that, but we also provide specialist financial help through our trusted strategic partners, including funding, grant claims and tech stack development.

  • Investing your wealth
    Be confident that your investment strategy is perfect for your future plans
  • Saving for the future
    Evaluate, understand and set achievable savings goals
  • Pensions and retirement
    Achieve the type of retirement that suits you
  • Protecting your family and lifestyle
    Ensure you have the right protection in place
  • Planning your estate
    Protect your wealth for your beneficiaries, not HMRC
  • Buying your home
    Get the right mortgage with the right protection
  • Protecting your business & employees
    Employee benefits that are good for your business and your employees
  • Workplace solutions for employers
    Tailored workplace solutions

WHY WORK WITH ACCONOMY?

EXCELLENT TRACK RECORD
WORKING WITH
SMES AND
STARTUPS.

EXTENSIVE INDUSTRY KNOWLEDGE
& EXPERIENCE.
ACCA AND ACA
QUALIFIED ACCOUNTANTS.

TRANSPARENT PRICING WITH
NO
HIDDEN FEES.

OVER 40 YEARS OF EXPERIENCE.
XERO, QUICKBOOKS AND XLEDGER
EXPERTISE.


Nigel Simmons FCCA
Managing Director
Acconomy Chartered Certified Accountants

PACKAGES

  • Everything you require to maintain compliance with HMRC and Companies House **
  • Acconomy back-office bookkeeping, automated expense management and VAT filing
  • Payroll processing up to five people
  • Xero/QBO training and support
  • MONTHLY management reporting people
  • Initial one and a half hour business plan review
  • MONTHLY financial forecasting and scenario planning
  • R&D tax credit audit
  • Patent box audit
  • Grant funding alerts and periodic audit
  • Access to economy growth hub partners
  • MONTHLY Zoom review meeting
  • Annual pre year end tax planning Zoom call
  • From £945 +VAT/month
  • Everything you require to maintain compliance with HMRC and Companies House **
  • Acconomy back-office bookkeeping, automated expense management and VAT filing
  • Payroll processing up to five people
  • Xero/QBO training and support
  • QUARTERLY management reporting people
  • Initial one and a half hour business plan review
  • QUARTERLY financial forecasting and scenario planning
  • R&D tax credit audit
  • Patent box audit
  • Grant funding alerts and periodic audit
  • Access to economy growth hub partners
  • QUARTERLY Zoom review meeting
  • Annual pre year end tax planning Zoom call
  • From £495 +VAT/month
  • Everything you require to maintain compliance with HMRC and Companies House

    **This Includes:
  • Production of annual company accounts for micro/small businesses
  • Submission of accounts to Companies House
  • Corporation tax computations
  • Corporation tax return
  • Submissions to HMRC
  • Company confirmation statement
  • Registered office address
  • Unlimited email support
  • For Scale and Growth customers only:
  •  P11D completion and filing
  • Tax investigation insurance
  • From £79 +VAT/month

FREQUENTLY ASKED QUESTIONS

What is the Intelligent Back Office?
When are VAT returns due?
How much does Corporation Tax cost?
When is Corporation Tax due?
Who pays Corporation Tax?

FREQUENTLY ASKED QUESTIONS

Does Patent Box relief apply to SMEs?
How do you qualify for Patent Box tax credit?
What is the Patent Box Corporation Tax rate?
FREQUENTLY ASKED QUESTIONS
How far back can you claim R&D Tax Credits?
Can an LLP claim R&D Tax Credits?
How is R&D Tax Credit calculated?
GET IN TOUCH TODAY

Are you a serious startup looking for guidance and insight? Are you a growing SME looking for assistance in moving to the next level? Maybe you're based outside the UK and need a local partner for on-the-ground support?

Whatever you’re looking for, please get in touch. We’d love to discuss further how we can help.

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Arena Business Centre
Holyrood Close
Poole
BH17 7FJ

Email Us: info@acconomy.co.uk
Phone: 01202 678993

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