IP Law and Patent Boxes
A new government scheme is due to be launched in April 2013 which for some companies will significantly reduce the money they lose to corporation tax. It is called the Patent Box scheme, and it means sales generated from products which the company hold the patents for are taxed less. This is very exciting news for entrepreneurs and businesses which rely on the sales of their own unique inventions. To be eligible for the scheme your products need to be registered patented products, so now is a good time to check your rights and the renewals of those. Many companies may be rushing to protect products they previously thought it was not worth getting patents for because they may think they are legible for the Patent Box scheme in the new year.
Whilst this surge of activity in the intellectual property legal market is exciting it is vital you choose a law firm that has specialist knowledge and can give you honest, valuable advice. Withers and Rogers is a intellectual property firm in the UK that has got on board with the new scheme and their services are very comprehensive. The firm can help companies to assess what products could be patented if they are not already and advise which products or components could be claimed for through the new scheme. Once you have this in place, it is the firms common practice to monitor applications and keep on top of renewals. Withers and Rogers deal with all aspects of intellectual property, not just the new Patent Box scheme.
Because intellectual property can be hard to deduce, the free consultation that the firm offers is a fantastic way to bring up any ideas you have and discuss what sorts of protection you could apply for. Think about what kind of things your company produces, and then think about what makes up those products. It is the intangible concepts and ideas that essentially allow the product to be or function that you need to protect. You can leave your investments open to failure if someone decides to imitate or copy your products because you didn’t protect your patent and design rights.