The Corporation Tax Return form (CT1) submission deadline is 8 months and 23 days from a companies’ closing year end. For example, if a company has a December 2020 fiscal year end, it is ideal to submit the R&D Tax Credit by September 23rd, 2021, rather than waiting until the 12-month deadline (December 2021). Below we outline some of the benefits on why filing by the CT1 Deadline is beneficial.
When submitting a Research and Development Tax Credit to Revenue Ireland, many companies wait until the last minute to make a submission. This can cause a lot of stress on an organisation leading to many eligible R&D activities and relevant expenditure missed on a claim and leaves a year’s worth of hard work left behind. To combat waiting until the 12-month deadline, companies can file much sooner and as part of the Corporation Tax Return (CT1) submission.
We at Braithwaite Ireland highly recommend all our clients to submit on time and as part of the CT1 filing deadline. By allowing sufficient time to file, it is our mission to review every department, activity, and cost centre to ensure the claims are prepared and processed correctly and accurately. We can potentially maximise each one of our client’s claims by 5%-20%. Trust the experts at Braithwaite Ireland by contacting us today.