Patent Box: what to do after applying for a patent

Innovative

If you apply for a patent, you might think that you don’t need to do anything more, until the patent is granted, to gain patent box relief.

However, that would be a costly mistake.

If you have a patent pending, that you’re planning to use in a Patent Box application once granted, you must notify HMRC formally each year, so that they know that you will be apply for tax relief after your patent is granted. There is no special form for this, but it has to be done sometime in the relevant financial year.

Be sure not to forget this small, relatively unpublicised step, or you could lose out on years of tax relief.

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GrantTree  @GrantTree,Nov 28
Puzzled about the R&D Tax Credits and Grants relationship? Need insight about how to successfully access both? https://t.co/JVDoxT6zam 
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We unpick what yesterday's Autumn Statement means for the future of R&D in Britain and how it impacts your business. https://t.co/2XP90BmL4Q 
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RT @BizAdvice_UK:Find out which tax credits and reliefs you are eligible for as an #entrepreneur. https://t.co/Z141n2icPq https://t.co/zkO6TS2W5Q