Going hand in hand with R&D tax credits...
...Patent Box is the latest addition to the Government’s range of incentives designed to encourage innovation and maintain the UK’s world-leading position in many sectors.
Worth an estimated £1bn per year to companies, Patent Box will more than halve the rate of Corporation Tax paid on qualifying patent profits when fully phased in, opening the door to substantial savings.
Find out how much you could potentially save right now with our simple Patent Box Tax Saving Calculator.
There’s lots of financial support available for innovative companies...
...if you just know where to look. Jumpstart can guide you through the funding maze.
Whether you’re an SME or Large Company, looking for £25,000 or €10m, we can help you explore the options, including:
- Horizon 2020 EU Research and Innovation programme
- Research and Innovation Action (RIA)
- Innovation Actions (IA)
- Fast Track to Innovation (FTI)
- Innovate UK’s Collaborative Research and Development (CR&D) programme
Crucially, that’s only half the story. Since, although they’re both valuable sources of financial assistance, grants and R&D tax credits aren’t always compatible.
Companies that secure any notified state aid, for example, are automatically excluded from claiming R&D tax credits under the SME scheme.
If managed correctly though – by an expert in both fields – R&D tax credits and grants can be combined to provide immediate cash flow now AND greater returns in the long term.
The latest addition to the UK Creative Industries Tax Relief schemes...
...Video Games Tax Relief (VGTR) can be claimed on eligible expenditure incurred on or after 1 April 2014.
UK video games developers have been quick to tap into the new revenue stream with nine games claiming up to £1.8m in tax relief from HMRC during 2014, according to the British Film Institute.
Generous though the scheme may be, it also comes with strict eligibility criteria, which have left many games developers wondering whether they or their games qualify. Are they the right kind of games, for example? Are they British enough? Do you spend enough in the EEA? Do you use subcontractors and have you paid for image rights?
The good news is that companies can now claim both the new VGTR and its older cousin, R&D tax credits. You just need to be careful about the different eligibility criteria and to make sure that you’re able to maximise both claims.
Which is where we come in. With Jumpstart’s proven track record of winning creative industries companies substantial sums in R&D tax credits and now VGTR, we’re the go-to guys for forward-looking games companies. Just ask Runcorn-based software developer d3t, the name behind such groundbreaking advances as the Battle of Bannockburn 3D experience.