Client developed new product.

Client's new product. Best way to proceed.

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Hi, I wonder if anyone can help me with the following. 

I have a client who works in Fabrication. He's dropping his books off later this week but has only just informed me that during the 15/16 he has been developing a new storage product that he beleives will benefit people in his trade. The kind of thing that you might find on the shelf in screwfix etc. I am yet to get all the facts but from the information that I have it seems that he has developed the product to the point where it is ready to go into production and has applied to have it patented.

He carries out his trade as a Sole Trader but also has a Limited Company that is dormant at present but will begin trading shortly within the recruitment sector.

I have never dealt with anything like this before regarding intagible assets of this nature. and would welcome any advice on how best to proceed.

Many Thanks.

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By Grayson Moore
09th May 2016 17:41

Unfortunately he should have spoken to you sooner.

Certain qualifying product development can attract some generous tax relief's through the Research and Development Tax Credits scheme. Where the client falls down is that these relief's are only available to companies and not to individuals.

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