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This means that companies undertaking qualifying R&D and Innovation activities can claim a refund from Irish Revenue of €37.50 for every €100 worth of R&D expenditure. Therefore the R&D Tax Credit reduces the real cost of R&D by up to 37.5%.
R&D activities can also result in cash refunds. If you have no tax liability in the current or immediate prior period, you can claim a Cash Repayment of R&D Tax Credits in three equal instalments over a three-year cycle. However due to Revenue’s announcement last week this has now been accelerated and all Cash will be paid within 2020 and not over the typical 3 year period. That is welcome news for Irish Businesses of all shapes and sizes!
Last Wednesday, Revenue announced it will bring forward the payment in advance of the typical September filing date. This is welcome news for all Irish Companies looking to address the negative financial impact of COVID-19 on their bottom line!
R&D tax credits are not typically available until at least nine months after the end of an accounting period, accelerating this repayment by up to 6 months is welcome news. This will help shore-up your Balance Sheet immediately during this unprecedented crisis facing all Companies today!
To apply for the request to expedite payment, a request must be made through MyEnquiries along with the submission of your companies CT1 Form.
Please contact Braithwaite Ireland now to find out if you qualify for early filing or repayment via Irish Revenue.
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