HMRC officer Philip Metcalfe was in Harrogate last week to update businesses on the government’s latest incentive to innovation, the patent box regime.
Mr Metcalfe, who is based at the Revenue’s large and complex business unit in Manchester, briefed local businesses on the emerging issues as the R&D tax relief is rolled out. He also talked about how HMRC is working with businesses to support them through the application process.
The event was hosted by Harrogate accountancy firm Saffery Champness whose senior tax manager Justine Stalker provided information on the approach businesses should be taking and how they could qualify for the relief.
Justine Stalker said: The over-riding message was that all businesses should be actively considering their intellectual property and looking at whether they could qualify for the scheme.
The patent box regime can reduce corporation tax from 20% to 10% upon qualifying and many innovative firms in our region could be taking advantage of this.