This month we look at the requirements to meet the science and accounting tests. These are defined in sections 8.1 and 8.2 of the Research & Development Tax Credit Guidelines (April 2015). However, a simple assessment method for companies to use to assess projects are the Five W’s and How.
- Was undertaking which activities – the company, subcontractors, or universities?
- What qualifications, skills, and experience did personnel working on the project have?
- Were the R&D activities seeking to achieve?
- Was the field of science?
- Was the scientific or technological advancement being sought?
- Were the scientific or technological uncertainties you were trying to resolve?
- Was the hypothesis advanced?
- Was the activity being undertaken?
- Did the project start and finish?
- Is there a project plan with milestones?
- Can you evidence progress against this plan through dated documents e.g. emails/calendar entries?
- Were the R&D activities being undertaken?
- Was the solution not available in the public domain in this area?
- Were the systematic investigations undertaken?
- Is the investigation evidenced? E.g. dated trials, results, analysis, drawing/algorithm versions
- Was it determined if the objectives were met?
For insights into the Irish R&D Tax Credit, Download Braithwaite’s R&D Guideline Booklet today…