The LIA has teamed up with innovation funding specialist MPA Group. Their tax specialists and technical analysts are experts in the R&D Tax Credit scheme and Patent Box relief, which have delivered over £150 million to their clients, who include LIA members such as Collier Webb, Haberdashery and tp24.
R&D Tax Credit scheme
R&D Tax Credits are an HMRC UK tax incentive which offers innovative businesses the opportunity to claim back up to 33% of their R&D expenditure. The current average claim value is £88,000 – a valuable cash injection not to be missed.
MPA Group understands what HMRC is looking for and their experts have the right technical knowledge and experience in the lighting industry, so members can be confident they will receive their full entitlement making a claim with MPA Group.
“I can tell you that MPA's experts clearly understood our sector and our business and were quickly able to identify where we could find qualifying activity and spend” – Simon Lilley, S. Lilley & Sons
MPA Group have developed a simple four-step process which guarantees a professional, well-planned and efficient claim, saving time for their clients.
“After meeting with a Technical Analyst from MPA, we were surprised by how much of our work we could claim for, and the process of identifying this qualifying activity was made very simple and not as time consuming as we first expected.” – Geoff Collier, Collier Webb
Find out more on the R&D Tax Credit scheme today.
Patent Box relief
The Patent Box regime is a Corporation Tax relief which enables companies to pay a reduced rate of Corporation Tax (10%) on worldwide profits generated from patented inventions. The current average value of this relief to SMEs is £55,000 – and the relief can be combined with the R&D Tax Credit scheme to maximise the value to businesses, just as LIA member tp24 did.
“For a company like mine, working with MPA has made a really positive impact. They have the expertise to take the complexity out of government tax schemes designed to help business invest and grow and the experience to ensure that other related schemes, like R&D tax credits, are combined to maximise the benefit to tp24. With MPA’s help we can use these reliefs with confidence.” - Shaun Davis, tp24
This relief is available to companies liable for Corporation Tax, who own a qualifying IP right, or own an exclusive licence in respect of these rights. The rules around the scheme are complex, but MPA’s delivery process ensures their clients receive the funding they are entitled to.
Find out more on Patent Box relief today.
If you are interested in finding out if this service could benefit your business, please contact us