Abbey+ is a division of Abbey Tax, who have been providing specialist tax and funding consultancy services since 1996 and are now part of the Markel Corporation, a specialist insurer who also provide bespoke insurance protection for biomedical and life science companies.
As Bionow’s Preferred Partner for R&D Funding solutions our aim is to ensure that Bionow Members are fully supported with regard to Grant Funding, R&D Tax Relief and Patent Box to maximise government initiatives for the past, present and future. As these three distinct government initiatives go hand in hand, Abbey+ have set up one multi-disciplinary team of Chartered Tax Advisers, Accountants, Grant Writers, PhD Technologists and Patent Attorneys who work seamlessly together.
R&D Tax Relief (Past)
R&D tax relief and tax credits are still among the most under-claimed tax incentives currently available. Abbey+ will ensure that you have maximised your R&D tax credits by either reviewing what you have already done or simply claiming the relief on your behalf. Claims can be made for the past two accounting periods which can often result in a significant repayment of corporation tax.
The first step is a 10 minute pre-qualification assessment over the phone to ensure that you are maximising this relief. No charges will be incurred unless a successful claim is made and Bionow Members benefit from a 20% discount on our usual fees.
Grant Funding (Present)
There is a raft of government grants in the UK and Europe. Navigating your way through this minefield is time-consuming and although you may have experience in writing grant applications, using a third party who specialise in this area should increase your chances of success. Abbey+ has extensive experience in winning R&D grants from numerous schemes for many companies and are proud to be leaders in terms of success rates achieved.
As a first step, Abbey+ will carry out a search to find the appropriate funding free of charge. If you wish to go ahead Abbey+ will write the grant application on your behalf.
In addition to researching the grant market, writing the grant application and submitting it for approval, the fees cover the overall management of the contract negotiation process, taking on the paperwork burden that is always associated with the award of a public funded grant. Once the project has commenced, the team will provide project support throughout the duration of the project.
Depending upon the nature and size of the grant, Abbey+ usually charge a nominal upfront fee as most applications can take 2-4 weeks to write. On approval, Abbey+ charge a 10% win fee. Bionow Members receive a 10% discount on both the upfront fees and the win fees.
If the first application is unsuccessful, Abbey+ will re-write and re-submit the application to the same or a different funding body free of charge.
Patent Application and Patent Box Relief (Future)
Since 1 April 2013, companies have been able to elect for a reduced rate of UK corporation tax. The reduced rate is 10% which has been phased in gradually over a five year period applying in full from 1 April 2017. The 10% rate of corporation tax is applicable to products and services that incorporate patented inventions as long as the company owns or has an exclusive license to exploit the patent and meets certain development criteria.
To allow businesses to take advantage of the Patent Box as early as possible, Abbey+ has developed a simplified, fixed fee approach to obtaining UK patents before applying for the patent box relief. Abbey+ were the first advisers in the UK to claim Patent Box tax relief and have been at the forefront of this legislation.
The first step is for the Patent Box tax specialist to undertake an initial pre-qualification assessment which is usually done over the phone to help identify your needs and discuss how the Patent Box can be used to reduce your corporation tax liability.
The initial consultation is free and Bionow Members receive a 20% discount on both the fixed fee patent application fees (if required) and the patent box claim fees.
Bionow Member Offer
Abbey+ is offering all Bionow Members a confidential, no obligation review to ensure you are maximising all available tax opportunities.
For more information on any of the services above please contact: Natalia Shaw at Abbey+ and mention that your company is a Member of Bionow
Tel: 0114 236 4457 / 07703 715142