It’s a good time to be an inventor; the UK government has recently announced the new Patent Box scheme, which will give tax relief to businesses and individuals who make an income through patented inventions and innovations. Obviously at Trig Creative product design and innovation is our forte, so we’re thrilled to hear this news. We’re hoping it’ll provide a good incentive for both established businesses and new start-ups, to innovate within their business sector.
The initiative is part of the UK’s bid to become a world leader in patented technologies over the next few years. The most important change is going to be to corporation tax, which should mean that businesses will pay as little as 10% corporation tax on UK and European patents by 2017.
Patent Box started being phased in in April 2013, and this will continue until April 2017. The initiative is focused on patents in the UK and Europe. Hopefully, the Patent Box scheme will not only push the UK to the forefront of patented technologies, it will also boost UK business and attract new innovative companies to the UK.
Of course, not everyone finds it easy to click their fingers and come up with a great product – but that’s where we come in. If you’ve got the first spark of a fantastic idea and you’re just not sure how to carry it out, you can get in touch with us at Trig Creative and we can help you to turn your idea into a commercial product. Our team at Trig are specialists in product design and development, with a proven track record of delivering unique market leading products with both commercial and defendable patents. We would love to discuss any new ideas you may have?
More information on the government’s new Patent Box scheme can be found by visiting the HMRC link below.