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 because they typically do not have these unique subject matter technical resources in-house to ensure ultimate success in maximising the potential of their R&D Tax Credit Claim. Companies typically hire external subject matter experts whether they are accountants, lawyers, and other industry-specific advisors because they know that they will provide a value add that is simply not achievable in-house. Sure… you can get by without them, but will the results be as favourable? 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 and 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 that 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:
Why is Technical Consulting really needed?
But besides that, what value does it add?
The Revenue may not audit every claim…. Does my company need to hire Technical Advisors if the chances for an audit are low?
Gregory Molev, Ph.D.
Sr. Science Advisor
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