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Posted 31 January 2024

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R&D Services

The Irish R&D regime has been identified as one of the main factors that differentiates Ireland from competitors when attracting foreign investment. An R&D benefit can reach up to 30% of qualifying expenditure for accounting periods starting on or after January 1, 2024. Recent legislative updates have also further enhanced the scheme.

Furthermore, claimants of the Irish R&D tax credit have the option either to offset the credit against their tax liabilities in three instalments over a three-year period or to have the credit repaid in the form of refundable instalments over the same three-year period. Currently for periods beginning on or after 1 January 2024, the first instalment is the greater of €50,000 or 50% of the credit claimed.

Our claim process is designed to be as efficient as possible, reducing the time you need to invest into making the claim so you can do what you do best, running your business. Throughout the process, our team will also start planning your future claims and whether there are any opportunities to maximise any relief for your company going forward.
1

Free Consultation

Our R&D Technical Specialists and Chartered Tax Advisors will have a meeting with you to evaluate your business and its activities to identify whether you could qualify for an R&D Tax Relief claim. They’ll also run through our process with you and how we can ensure the claim is prepared in an efficient manner for you and your team.

2

Cost Extraction

Our Chartered Tax Advisors and research analysts will extract the qualifying costs that can be included in the R&D claim, ensuring that the claim is accurate and maximised. Not only are we looking at making a retrospective claim but also spotting opportunities that could support a larger claim in the future.

3

Technical Discussions

Our Technical Specialists will meet your key members of staff to discuss any qualifying R&D work they are undertaking, to establish what qualifies and meets The Revenue Commissioners technical criteria. These discussions typically take no longer than 2 hours. We will then prepare technical reports based on the projects that have been discussed during our meeting.

4

Submission

We prepare a robust report that covers both the tax aspects of the claim but also the R&D technical projects. This will be reviewed with you prior to submission and once approved, the document can be submitted to The Revenue Commissioners.

5

Report Processing

Following submission to The Revenue Commissioners, we will liaise with the relevant officer until your claim is processed and answer any questions that they may have. Typically, we expect a claim to be processed within 6-8 weeks from the submission date.

FAQ

  • What qualifies as R&D expenditure in Ireland?

    To qualify for the R&D Tax Credit, a company’s R&D activities must:
    • Involve systematic, investigative or experimental activities
    • Be in the field of science or technology

    It must also Involve one, or more, of these categories of R&D:
    • Basic research
    • Applied research
    • Experimental development
    • Seek to make scientific or technological advancement
    • Involve the resolution of scientific or technological uncertainty

  • How far back can I make a claim for R&D Tax Relief?

    You can backdate claims up to 12 months after the end of the accounting period during which the expenditure on R&D occurred.

  • My company is loss making, can I still make a claim?

    Yes, even if your company is currently experiencing losses, you may still be eligible to claim for R&D tax credits. The R&D tax credit is not restricted to profitable companies. In fact, it can provide valuable support to businesses that are investing in innovation and research activities, regardless of their current financial status. It's important to assess your company's R&D activities against the eligibility criteria outlined by your tax authorities to determine if you qualify for the tax credit. As Chartered Tax Advisors specialising in R&D Tax Credits, we can assist you in navigating the requirements and maximising your claim potential.

  • Can my accountant claim for me?

    Making a claim is not a numbers exercise. We undertake reviews on behalf of clients on work prepared by accountants and this usually would not be sufficient to submit to the tax authorities or is either incorrectly prepared or has not been maximised. Usually, accountants are not qualified Chartered Tax Advisors so although they may be in a position to prepare year end compliance, they are not best placed in providing R&D tax advice.

  • Can I submit a claim by myself?

    Absolutely, you have the option to submit an R&D claim yourself as part of your corporation tax return. However, we believe it's crucial to engage the expertise of Chartered Tax Advisors who possess a thorough understanding of the intricacies involved to avoid costly penalties resulting from inaccuracies. Submitting a technical report alongside your R&D claim isn't obligatory, at CBTax, we ensure that every claim we handle receives meticulous technical planning and support. We prepare robust technical reports, ready for submission to your tax authorities, to ensure compliance and maximise the effectiveness of your claim.