GovGrant R&D credits and tax relief

Overview

GovGrant specialise in working with a range of innovative businesses to get the correct level of R&D credits and tax relief your clients can claim from the government. They have successfully processed over 6000 claims, delivering over £184m of claimed benefit for their clients.

If your clients are in the Technology, Media, Creative or Fintech sectors, they may be able to claim £000’s back. 95% of the SME companies GovGrant meet will qualify for the R&D tax relief scheme.

Hiscox’s clients now have access to a full range of R&D tax relief and IP services, delivered by GovGrant, at preferential rates. 

Services

R&D tax relief
The R&D tax relief (external link) schemes, administered by HMRC, are designed to boost  innovation by offering businesses tax relief for their R&D activity. Typically SMEs get back up to 33% of the amount they’ve spent on qualifying R&D. Whether your client's business is big or small, complex or simple, single or multi-site, GovGrant matches them with the technical expert that best suits their business. GovGrant know what HMRC are looking for, so they can ensure your client's claim is accurate and complete – which gives them the best chance of having their claim approved. GovGrant have a 100% success record. 

Patent Box
The Patent Box (external link) is closely linked with R&D tax relief and a company can often claim tax relief under both schemes. Patent Box allows a reduction of corporation tax down to 10% for profits relating to patented income. GovGrant can offer your clients advice to maximise their claims across both schemes. Most patented inventions are just small technical improvements on existing products or processes. It may be that the patented element of the product or process is minor. But 100% of a company’s worldwide profits arising from product income should qualify for 10% corporation tax.

IP services
GovGrant’s range of IP services (external link) offer solid, direct advice on your client's Intellectual Property. The best place to start is with IP Harvest – a fixed-fee service that answers the question “Does my business have something worth patenting?” 

GovGrant is changing the conversation around IP so that with IP Harvest the focus is on value creation. 

Key features

GovGrant is offering special access for Hiscox clients:

• Free desk-based assessment of your current R&D and Patent Box claims. Yes or no indicator for increasing the value of your current claims. 
• Free filing for the initial term. Usually an annual cost of £250-£1000 over 4 years as standard. 
• Reduced contingent fee structure for both R&D and Patent Box claims to 20% of the benefit received from HMRC. This is reduced to 10% for year 1 provided the engagement is for a 4 year term (years 2,3,4 at 20%). 
• 20% discount on GovGrant’s core IP Services. Including IP Harvest and the IP Strength Test.