What Is an IP Audit? Benefits, Process and UK Government Funding for SMEs

Alexia Dirgau's profile picture

Alexia Dirgau - Trainee Solicitor,

Published
Article reviewed by , Robert Brothers.
4 minutes reading time

What is an IP Audit and when should one be carried out

Intellectual Property (IP) audits are essential yet frequently neglected tools for businesses aiming to identify, safeguard, and enhance the value of their intangible assets. IP, including trademarks, copyrights, patents, and trade secrets, can represent a significant portion of a company’s worth and competitive advantage.

An IP audit systematically examines these assets, both registered and unregistered, assessing their usage, protection, and potential for leverage.

For UK companies, especially SMEs, an IP audit not only clarifies risks but also unlocks access to government-supported funding via the Intellectual Property Office (IPO), which helps lower costs while improving strategic IP management.

Our Intellectual Property solicitors explore how IP audits can help your business identify, protect, and unlock the value of its intangible assets.

Conact Our Intellectual Property Solicitors

What are IP Audits?

An IP audit is a detailed review of the IP assets (including registered and unregistered, existing and future) owned or used by your business and involves an extensive evaluation of any associated agreements, relevant policies, and compliance procedures.

It is also useful in assessing and managing risk, remedying problems, and implementing best practices in IP asset management.


Intellectual Property Audits can:

  • Identify existing and potential IP assets, revealing their monetary value and ways to maximise their potential.
  • Address ownership issues related to key IP assets for your business.
  • Review IP protection to highlight both coverage and gaps.
  • Identify third-party IP assets your business uses that may pose risks.
  • Spot under-utilised assets that could be leveraged for additional revenue.
  • Offer IP-focused recommendations for managing, protecting, and exploiting your IP assets.

Our IP Audit reports are tailored around your business’ needs and goals, ensuring that we deliver a result that is best suited to your business.

Sign Up For The Latest Intellectual Property News

Intellectual Property

What are the costs of an IP Audit and what do the funding schemes entail?

The government offers grant funding, through the Intellectual Property Office (IPO), to help cover the cost of a fixed price ‘Tier 1’ IP Audit – the cost of the Tier 1 Audit is £3,000 (inclusive of VAT), but the IPO funds £2,250, leaving the business to fund only £750 (inclusive of VAT).

Myerson partner with Innovate UK and have supported clients in securing both Tier 1 and Tier 2 funding from the Intellectual Property Office (IPO).

Your business must be a micro, small, or medium-sized enterprise (SME) according to the UK government's definition to qualify for funding.

This means:

  • Fewer than 250 employees
  • Annual turnover under £36 million
  • Balance sheet total no more than £18 million

IP professionals like Myerson must be appointed following funding approval to conduct the audit.

Tier 1 IP Audit Funding

The IPO will contribute up to £2,250, leaving your business to cover only £750 of the total price.

Tier 2 IP Access Funding

After the initial audit, you may also be eligible for Tier 2 IP Access funding.

This grant supports further work by an IP professional, such as:

  • Implementing recommendations from the audit
  • Providing advice on commercialising your IP
  • Drafting licensing agreements or filing registrations

The IPO will match your contribution up to £2,250 (including VAT). All applications for IP Audit funding are subject to assessment, and funding is not guaranteed.

 

Find Out More About IP Audit Funding

IP Audit Solicitors v3

In an increasingly knowledge-driven economy, understanding and protecting your intellectual property is essential.

An IP audit provides a structured and strategic approach to identifying, managing, and leveraging your business’s intangible assets.

With government funding schemes available to support the cost of an audit, UK SMES have a real opportunity to enhance their IP position with minimal financial outlay.

Contact Our Intellectual Property Team

Navigating Intellectual Property Litigation in Manufacturing A Guide for UK Manufacturers v2

Contact Our Intellectual Property Solicitors

At Myerson, our Intellectual Property solicitors have extensive experience conducting IP audits tailored to your commercial objectives.

We’re here to help you navigate the process, secure funding where available, and ensure your IP works as hard as you do.
Contact our specialist team today to find out how an IP audit can benefit your business.

0161 941 4000

Latest Myerson Intellectual Property News

Alexia Dirgau's profile picture

Alexia Dirgau

Trainee Solicitor

Alexia joined Myerson in 2022 as a Solicitor Apprentice and has been developing her legal knowledge and practical experience alongside her studies at BPP University. Her apprenticeship has provided her with a unique opportunity to learn through hands-on experience, working closely with colleagues across the firm while progressing towards qualification as a solicitor.

Alexia spent her first year in the Business Services team, where she gained valuable insight into how a law firm operates and developed a strong understanding of the importance of collaboration and client service. This experience provided an excellent foundation for her legal career and helped her build skills that she continues to apply in her work today.

Since then, Alexia has completed seats in Commercial Property, Commercial Litigation and Corporate, giving her exposure to a broad range of legal matters and allowing her to develop experience across both transactional and contentious work. These seats have helped her build a well-rounded understanding of the legal and commercial issues faced by individuals and businesses.

Alexia is currently undertaking a seat in the Probate Litigation team, assisting on a variety of contentious trusts and estates matters, including inheritance disputes and challenges relating to wills and estates. She particularly enjoys the variety of the work and the opportunity to help clients navigate what are often complex and sensitive situations.

One of the aspects Alexia enjoys most about her role is the collaborative nature of legal practice. She enjoys working closely with colleagues across different teams, drawing on a range of expertise to provide practical solutions for clients. Working alongside talented lawyers in a supportive environment has enabled her to develop both professionally and personally throughout her apprenticeship.

About Alexia Dirgau