Recognizing IP in your R&D – turning IP into commercial benefitThe Research and Development tax credit scheme increases in popularity every year; however, the equally as valuable patent box scheme has not proven to be so popular.
So, the big question – why don’t businesses, particularly SMEs, seek out a Patent? The answer is simple - lack of certainty, unpredictable costs and unaffordable defence.
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R&D is not a function of tax or accountancy, to get it right it is a function of technical understanding and if done as it should it should be the most efficient way to identify IP opportunities. You need to challenge your advisor to make sure they are proactive when they interview the relevant people in the business, not only to maximise the claim you currently make but to then help drive the longer term IP agenda.