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ForrestBrown, a UK tax advisory firm, has appointed associate director Jayne Stokes to lead its Patent Box tax incentive scheme.
The scheme allows eligible companies to pay a reduced rate of corporation tax on profits generated from patented intellectual property.
Stokes joined the firm in 2020 and has experience working with start-ups and multinationals across the UK and Middle East. She specialises in innovation incentives and tax risk management.
Jayne Stokes, associate director at ForrestBrown, said: “I’m really pleased to be taking on responsibility for ForrestBrown’s Patent Box advisory. For businesses that have put time and money into developing IP, Patent Box can be a valuable way to reduce their tax bill and free up funding to put back into the business.
“However, recent indications suggest that HMRC could be tightening its compliance approach, including sending out ‘nudge’ letters to businesses that have included a patent box deduction in their tax computations, to remind businesses to check the robustness of their calculations and ensure that they have documentation to support positions taken. That means businesses need to be confident in the methodology used to attribute income to qualifying IP streams – and able to evidence this in the event of an enquiry.”
Tom McDanell, managing director at ForrestBrown, added: “We are delighted that Jayne is heading up our Patent Box team. Since joining ForrestBrown, she has worked with clients on a range of complex innovation incentives and has built a strong reputation for giving clear, practical advice and delivering great results.
“Jayne is perfectly placed to help more businesses explore whether they could benefit and make the most of the relief available, navigating the technical complexities and compliance requirements.”
