In the week that a survey revealed a third of entrepreneurs in Yorkshire expect to see an increase in revenue from global markets beyond Europe, a seminar was held which gave invaluable advice to help entrepreneurs protect their intellectual property rights and maximise returns from overseas markets.
The speakers from left to right: Martyn Benson of RIDO, Steve Vickers of Hart Shaw, Natasha Leach of UKTI and Ralph Atkinson of Atkinson & Co.
Held at Moorgate Crofts Business Centre in Rotherham, the seminar was a collaboration between Atkinson & Co patent attorneys, based in Rotherham, Hart Shaw Chartered Accountants of Sheffield, RiDO’s ERDF-funded Growth and Prosperity in Rotherham (Soft Landing Zone) and UKTI (UK Trade & Investment).
The seminar focused on ‘The Patent Box’ – the Government’s new regime of tax relief on company profits from patented products, which is set to be introduced in April 2013. Companies that choose to develop products with a patent will be eligible for tax relief of up to 60 per cent in the tax year 2013-2014, increasing up to 100% relief in four years’ time.
Steve Vickers, Tax Partner at Hart Shaw Chartered Accountants and Business Advisers, explained how HMRC is introducing a reduced level of corporation tax – down to 10% – on profits attributed to patents and other types of intellectual property. As the Patent Box applies to worldwide income from existing and new patents, it opens up the opportunity for local businesses to export into overseas markets.
Steve Vickers, Tax Partner at Hart Shaw discussing the tax benefits of the Patent Box.
Steve discussed how SME companies can take advantage of this new tax relief on patents. This includes navigating the complexities of the Patent Box and how to calculate the tax saving.
Steve Vickers said: “The Patent Box is a great incentive for businesses to invest in developing patents on a national and international basis, whilst recouping the corporation tax benefits. It is good news for businesses locally looking to work on more of an international level.”
Ralph Atkinson, European Patent Attorney at Atkinson & Company Patent in Rotherham, explained the legal considerations regarding patents and how it will have positive commercial implications.
Ralph Atkinson said: “It is a great time to take advantage of the Patent Box, but essential for companies to make sure they have the proper legal protection in place from the outset, when targeting both domestic and international markets.”
Amanda Parris, Business Development Manager for RiDO, said: “This was a very well attended seminar and was a chance for delegates to ask questions directly of experts in their field. There are some really exciting opportunities for companies within our local area to take advantage of the Patent Box, both in the UK and overseas and there is all the support available to help them do this.”
Nathasha Leach, International Trade Adviser at UKTI, discussed the support for companies that are looking to export, which is available through UKTI. Martyn Benson, the business co-ordinator from RiDO, explained how the Growth and Prosperity in Rotherham – Soft Landing Zone – works, offering support to Rotherham companies with accessing international markets and helping foreign inward investors who choose to locate to RiDO’s business centres. RiDO is the only Soft Landing Zone in the UK, alongside 23 others across the world.
The ERDF Growth and Prosperity in Rotherham (Soft Landing Zone) project is supported financially by the European Union. It has attracted £842k investment from the European Regional Development Fund as part of Europe’s support for the region’s economic development through the Yorkshire and Humber ERDF Programme 2007-13.
For more details about the Soft Landing Zone project, which is run by RiDO, visit the website www.ridobusinesscentres.co.uk. If you are interested in attending similar events to this please email: Brendan.hall@hartshaw.co.uk or call 0114 251 8872.
www.hartshaw.co.uk
www.atkinsonandco.com
www.ukti.gov.uk
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