Intellectual Property

Lovewell Blake Accountant and Tax Partner

Protecting the value of your idea

Lovewell Blake Accountant and Tax Partner

Many tech businesses are built on the back of one or more good ideas - which don't necessarily come exclusively from you, the business owner. So how do you ensure that your business retains ownership of those ideas, and gets full value from the intellectual property generated by your activities?

Protecting the value of your idea(s) - and thus your business

It is essential in any business that you protect your idea(s), but it's especially important in the tech sector. Do your contracts adequately identify client intellectual property, for example where a client repurposes existing code or software? Or where you are adding value to a client's own IP, are you locking in the benefit for your business?

Do your employment contracts ensure that your business retains the intellectual property in the work which your staff do on your behalf - especially in the modern gig economy where the lines between employee and contractor are blurred. 

If your product or idea is patentable, you may be able to wrap it in the Patent Box system, which means you may only pay 10% tax on the profits, leaving you with more to invest in your business's future. 

To find out more

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