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FINANCE


Tax refunds that are thinking outside the box


Businesses across the East Midlands could be sitting on a potentially significant tax refund and they don’t even know it. The Patent Box is a Corporation


Tax relief which gives a reduced rate of tax on income deriving from the commercial exploitation of patents. There’s a significant number of


companies failing to take advantage of it and HMRC is encouraging companies to claim. There are three main indicators


for companies seeking to make a Patent Box claim:


• Does the company make a lot of money, as it stands in its accounts, and what percentage of the products it sells are patented? If a high percentage of its total sales are patented sales, and it makes a lot of money, the claim will be worth a lot to them.


• It is the income that qualifies. If you sell a TV which contains one particular integral part that you’ve developed and patented, it’s the income from the sale of the whole TV that qualifies, not just the income from the patented part. Often, more income than you might think will qualify for Patent Box.


• Pending patents. Income can qualify as soon as a patent is pending, but you can’t claim tax relief straight away because you don’t know if it’s going to successfully progress to a granted patent. When your claim is granted, you are able to claim all income from the date it became pending, in one big windfall gain.


The reasons businesses are not claiming can simply be because


18th Edition Wiring Regulations


– make sure you’re up to date! An update to the wiring regulations is due to be published on 2nd July 2018, coming into full effect on the 1st January 2019. This gives engineers a six-month transition period to get up to speed.


Why choose Centrica Business Solutions?


• Qualifications in electrical competence, risk management, health and safety


• Nationally recognised as a City & Guilds, CompEx and BCIA accreditation centre


• Tailored courses at approved training centres across the UK • Onsite course options available • City & Guilds and CPD accredited courses • Bespoke training service to suit your needs


Centrica Business Solutions also offer the following services:


• Electrical Inspection and Testing • Electrical Design and Install


To find out more, get in touch today


t: 0800 980 8150 e: compliancesolutions@centrica.com w: www.centricabusinesssolutions-electrical.com


64 business network June 2018


Book your 18th Edition


course now and ensure you’re fully aware of the new regulations!


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