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A legitimate question a business owner may ask themselves is ‘’Does my company require external advisors to assist in filing the R&D Tax Credit Claim?’’
The answer is most likely yes however, companies nearly always tend to rely on external technical subject matter expertise. Unfortunately not all companies have these resources in-house to ensure ultimate success in maximising the potential of their R&D Tax Credit Claim.
Companies typically hire external experts whether they are Accountants, Lawyers or other industry-specific advisors because they know that they will provide an added value that is simply not achievable in-house.
After all, the only item that is submitted to Revenue when filing is the R&D Tax Credit figure. Although this may seem like a simple filing procedure, Irish Revenue often challenge claims. It is vitally important that companies have the subject matter expertise and sound advice to foresee and prevent any such related issues.
As the R&D Tax Credit Program is a technical one, it is critical for the claimant company to understand what activities could be potentially qualifying. Although the guidelines provided by Irish Revenue are a definition of basic requirements for qualification criteria, the company must meet and satisfy, the success of any claim is engaging with advisors that have subject matter expertise in a broad range of different industries.
The Science Test and the relevant technical consulting, requires substantial effort, starting off with reviewing your company’s project lists, due diligence, conducting interviews with individuals, gathering information and documentation and drafting technical reports:
The obvious answer is to advise on activities and projects, associated percentages and portions of qualifying costs based on the criteria.
Gregory Molev, Ph.D.
Sr. Science Advisor
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