Are you availing of your R&D Innovation Tax Credit?

Ranked 10th in the world for global innovation, Ireland’s R&D framework and tax regime ensure progressive growth and advancement for all organisations. Companies can enjoy 37.5% R&D subsidy via 12.5% corporate tax deduction.

The R&D Tax Credit offers 25% of credit or cash refund on your R&D activities. For acquired or internally developed assets, companies can also enjoy amortisation of up to 80% tax deduction from taxable profits for these costs.

How do I know if my company’s activities are eligible?

R&D does not only apply to those in white coats carrying out research in laboratories, that is simply a stigma. The R&D Tax Credit claim is open to a wide range of industries such as Financial Services, Software, IT, Engineering, Biotechnology, Food and Beverage, Oil and Gas, as well as Pharmaceutical and Medical Devices.

Adequately assessing any potential R&D claim at the outset is the most important aspect of the R&D claim process. R&D activities need to meet certain legislative requirements to be deemed eligible by the Irish Revenue Commissioners.

Permitted Purpose:

Are you conducting an experimental, systematic or investigative activity that is developing new or further developed:

• Materials?
• Products?
• Processes?
• Devices?
• Services?
• Hardware and or Software?

Technical Test Eligibility:

• Does the activity advance the knowledge or capability in your industry or your company?
• Are your scientists or engineers resolving technological or scientific uncertainties?

Accounting Test Eligibility:

• Does your R&D expenditure include: Staff salaries, Overheads, Consumed materials, Plant and Machinery, Subcontractors?

If your company’s Innovations, Research and Development activities match the above criteria, it is more than likely eligible for the R&D Tax Credit.

How do I avail of or ensure I’m receiving the maximum R&D Tax Credits available?

Whether your work involves basic research, applied research, or experimental development, Braithwaite Ireland can take the uncertainty out of your filing process and get you the credit you deserve for your innovation.

By leveraging our deep insight and global experience, your company can reduce its R&D investment costs by realising the maximum financial credit available for your innovations.

Braithwaite could help you to determine your own eligibility or to benchmark your filing process to maximise your return from R&D Tax Credits to their full potential. In many cases, we have been successful in maximising claims by 20% or more.

Contact us now to secure a no-obligation call or consultation at your own premises with our R&D Tax Credit experts!