Research and Development Tax Credits. Patent Box. Paul Bray Partner Smith & Williamson #SME
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1 Research and Development Tax Credits Patent Box Paul Bray Partner Smith & Williamson #SME
2 Disclaimer This seminar is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said.
3 Introduction Research and Development ( R&D ) Tax relief on qualifying expenditure possible cash back Two schemes SME and Large Patent Box Regime 10% tax rate anyone?
4
5 Research & Development ( R&D ) What is it? A project that seeks to achieve: an advance in science or technology through the resolution of uncertainty Improvement of existing products, processes or services or devising new ones Innovation!
6 Research & Development ( R&D ) HMRC Statistical report August only 9,900 SMEs claimed R&D in 2011/12 Not just technology sectors, anyone: Seeking to resolve technological uncertainties Seeking to make technological advancements.. as long as an advance is sought (even if not achieved or fully realised)
7 Research & Development ( R&D ) What costs qualify? Employee and agency costs Software and consumables Subcontracted expenditure (only SMEs) Certain indirect expenditure No minimum spend (from April 2012)
8 Research & Development ( R&D ) Large scheme > 500 employees, and Turnover > 100m, or Balance Sheet Gross Assets > 86m Complex rules re linked / partner enterprises owning or being owned 25% of, or by, the claimant company
9 Research & Development ( R&D ) Large scheme 130% tax relief 23% tax rate (13/14); benefit is tax relief of further 7% of qualifying costs Expenditure credit Optional from April 2013 (Mandatory April 2016) Above the line Possible to surrender expenditure credit for refund
10 Research & Development ( R&D ) SME scheme Uplift of 125% tax relief on 225% If loss making, cash in the loss at a lower rate for a tax repayment even if no corporation tax paid
11 Research & Development ( R&D ) SME scheme Cash refund in exchange for 11% of tax loss from April 2013 (effective rate 24.75%) 14.5% for expenditure from April 2014 (effective rate 32.63% being 14.5% of 225%) Cash In for payment at 14.5% of R&D losses or wait for 20% relief against profits?
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13 Patent Box Introduced April 2013 Companies may elect in and (in time) pay 10% corporation tax on profits relating to qualifying patent rights
14 Patent Box From April 2013 effective rate of 15.2% on patent box profits From April 2014 effective rate of 13.3% on patent box profits Effective rates 12% from April 2015 and 11% from April 2016 on PB profitson patent box profits Full 10% rate from April 2017
15 Patent Box Qualifying patents UK and European patent office patents Outright ownership OR exclusive licence over the patents provided meet other conditions: (a) Development and (b) Active ownership
16 Patent Box Qualifying income. Need to arrive at relevant IP profits Five steps: 1 to 3 apportion profits according to qualifying and non-qualifying income 4 deduct notional routine expenditure 5 deduct notional marketing/brand royalty.
17 Patent Box Planning Current or existing products worth patenting? Method of calculating PB profits Group licensing arrangements Speak to a tax advisor!
18 Summary R&D Enhanced deduction Claims required within 2 years of end of AP Numerous other rules (going concern condition) Have a look, it won t hurt Don t miss out!
19 Summary Patent Box From April 2013 effective rate of 15.2% on patent box profits From April 2014 effective rate of 13.3% on patent box profits Effective rates of 12% on patent box profits from April 2015 (11% from April 2016) Full 10% rate from April 2017
20 R&D Tax Credits Patent Box Paul Bray Smith & Williamson LLP Direct Tel:
21 Smith & Williamson LLP Regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. A member of Nexia International The word partner is used to refer to a member of Smith & Williamson LLP Portwall Place, Portwall Lane Bristol BS1 6NA Tel: Fax:
www.pwc.co.uk R&D tax relief May 2012
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