Technology & Innovation
Over the years, the technology sector has shown a massive growth, due to the large investments and talent flooding into the industry. The fast-moving environment drives the tech sector to invest significantly in research and development to keep pace with the innovation.
Being a start-up in the sector or a well-established business looking for ongoing advice and support, your accounting needs are different from the traditional ones. The creation of valuable IP, the huge investment made into research and development and the rapid experienced growth make technology companies unique.
The focus of tech companies should be on the good development of their innovative projects and ideas, rather than worrying about compliance and tax. With a long-standing experience in digital technology, medical technology and drug research as well as software and apps development, we pride ourselves of being able to provide valuable and bespoke advice to our clients falling within the technology & innovation sector.
Exit planning is also key, with much shorter timescales than other sectors being the norm and again we work with owners from the outset to help maximise shareholder value.
Research & Development
From our experience, we have noticed that many companies are missing out on their Research & Development Tax Credits, therefore, losing out tens of thousands of pounds by not taking advantage of their possible corporation tax savings. The R&D credits allow for a further 130% of the qualifying costs deduction from the taxable profits, producing large savings for innovators, giving them a favourable cash flow when they most need it.
We can assist in preparing and submitting your claim as well as liaising with HMRC on your behalf to ensure that the process is as smooth and efficient as possible.
A ‘Patent Box’ not only ensures protection of your intellectual property, but it also reduces your corporation tax bill. The Patent Box relief is closely linked to R&D tax relief, providing a reduced rate of corporation tax for companies exploiting patented inventions or other innovations protected by certain intellectual property rights.
As with any reliefs, the rules around the ‘Patent Box’ concept and computations are complex, however, our expertise enables us to help our clients to take advantage of all the available tax reliefs.
How can we help you?
Our pro-active and fast-moving approach enables us to help our tech clients, amongst others, with:
- Valuable advice in relation to what qualifies for R&D relief and Patent Box.
- Maximizing the R&D tax credits and the Patent Box tax regime.
- Share schemes for employees and tax reliefs for investors.
- Advice on remuneration packages to retain key technical staff
- Mergers and acquisitions.
- VAT and duty advice in relation to the international sale of services (MOSS) and products.
- Tax planning and compliance.
- Preparation of statutory accounts.
- Preparation of management accounts, forecasts & cash flows for funding purposes.
- Personal tax planning for owners.
Please contact us if are in the technology sector or are involved in the innovation and need help with R&D tax credit claims and patent box claims.