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Many UK SMEs are unaware of their intellectual property (commonly called “IP”) rights, with most failing to take advantage of benefits arising from their valuable IP assets.
The term “intellectual property” covers a wide range of rights, bringing with them a commercial advantage if used properly. These rights include rights in inventions, trade marks, design rights and database rights, to name a few. It is important to seek IP advice as early and often as possible so that you are clear on what your options are.
Protecting and exploiting your IP rights could give you an important commercial offensive tool, as well as a defensive tool, against competitors, but sadly many businesses fail to seek the most appropriate protection or even any protection at all. As a business owner you could stand to lose market advantage, licensing opportunities and commercial bargaining chips if your IP rights are not managed.
Some IP rights can be protected by registering them and others may be protected automatically, without the owner having to do anything.
Here is a snapshot summary of different types of core IP rights:
We can also advise you on a government tax relief scheme called The Patent Box which we advise all companies undertaking R&D to look into. You could potentially receive a significant amount of tax relief resulting in an effective tax rate of around 11% on profits generated globally from products covered by a UK or European patent. For more detailed information on this click here and request our free special report on the subject.
Intellectual property can be a daunting subject but our clear, expert advice can ensure that you are fully armed to take advantage of your IP rights. Understanding your options is vital. Contact us today for a free initial consultation by clicking here.