Intellectual Property Service Launches In Bournemouth
The subject of protecting Intellectual Property (IP) can be a turn-off for many businesses as it sounds complicated, involving expensive lawyers. As a result, many businesses have not protected or realised commercial value from their IP.
Silicon South supporter, Business Cash Enabler, has launched a service to help demystify the jargon around IP and help advise a business if they may be able to realise commercial gain from their hard work in developing IP.
This service can bring considerable commercial benefit to qualifying businesses, as consultant Rob Sowden explains:
“I am delighted to be able to offer this service to businesses in Dorset and beyond, it is a natural fit with the research and development (R&D) tax credits claims management service I have been helping companies with for several years. Claiming R&D tax credits is only part of the financial reward for innovative businesses. Many companies have not realised the commercial potential of their intellectual property (IP), often seeing IP as merely something to protect; however there are considerable financial gains to be derived from IP.
“With a simple patent, found in the R&D that a business performs, there could be big savings on corporation tax, under the government’s Patent Box relief scheme, which reduces corporation tax to just 10% on profits arising from global revenues from patented products or processes. Ixn addition, an IP audit can identify and value IP as intangible assets which can represent around 80% of corporate value.”
A few key considerations for any business to which this may apply are:
- Have you made an R&D claim but never considered patents?
- Are you put off because of legal costs?
- Are you looking to raise funds?
- Do you want to maximise opportunities overseas?
- Could a patent look good in the shop window for funding or exit purposes?
- Can you reduce your tax payment thanks to IP?
“Businesses shouldn’t be intimidated by the legal and academic jargon surrounding IP. Business Cash Enabler works with experts that combine scientiﬁc and technical knowledge with particular expertise in IP strategy, whilst ensuring that a business is fully using the tax saving incentives that are available to innovative UK businesses. This service ensures monitoring of the legal, technical and ﬁnancial developments of tax relief schemes relating to IP so that a company will always have advice that is up-to-date and reﬂects the best of current practice.”
Business Cash Enabler provides a free service to companies wishing to check their entitlement for innovation tax incentives.