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Irish businesses wishing to claim research and development (R&D) Tax Credits are often concerned with how best to choose an R&D tax specialist. Here we outline the importance of collaborating with R&D tax specialists to ensure your claim is in a position to maximise credit.
Irish businesses wishing to claim research and development (R&D) Tax Credits are often concerned with how best to choose an R&D tax specialist. Many decide to work with a firm in Dublin or one that’s more local, so that they can easily drop in and speak to their advisor if they need to.
Here we outline the importance of collaborating with R&D tax specialists like us, so you can rest assured your claim is in a position to claim your maximum return.
Has your company completed any innovative work recently that attempted to advance technology or science? Did it involve taking on some risk, regardless of whether or not the work was successful? Then you might well find it qualifies for R&D Tax Credits.
R&D Tax Credits are a government incentive backed and administered by the Revenue as a Corporation Tax relief. It’s designed to encourage growth and investment in R&D by Irish companies. The relief is typically available for R&D projects carried out across a broad spectrum of science and technology areas. This is often things like food and drink production, software development, engineering, pharmaceuticals and financial services for example.
The credit works by offering back up to 25% of your expenditure on R&D expenditure, either as a reduction in your Corporation Tax or as a one-off cash payment. Crucially, it’s also offered on top of the 12.5% Corporation Tax deduction at the standard rate. Pretty generous we think!
When you head out for your weekly shopping, you’ll likely go to a supermarket where everything can be bought in one place. Company accountants are similar, in that all tax affairs are dealt with by the same firm providing a large range of services. This is fine for general accounting, but R&D tax relief is much more niche. It requires up-to-date knowledge and professional experience, which is where our specific services are so useful.
Don’t think of R&D Tax Credit specialists as an alternative to your usual business accountant though - think of us as extra. We will work alongside them on your R&D Tax Credit claim, and offer support to give you the best chance of success. Not only will this maximise the amount you could claim, but it will drastically reduce the chances of a costly (and stressful) Revenue enquiry. Yes it might appear to be cheaper to just use your normal accountant, but it’s very easy to claim less than you’re entitled to, potentially costing you big. R&D tax relief specialists in Ireland, like us at Myriad Associates, have an excellent working relationship with the Revenue, meaning claims are dealt with more swiftly. Plus, if the Revenue does pose any enquiries about your claim, R&D tax advisers can help you answer the questions and offer their services on a success-only basis. General accountants are not likely to be able to provide the same type of support.
R&D tax relief specialists such as Myriad Associates have teams of technical experts and experienced accountants ready to ensure that all applicable R&D activities and costs are clearly identified and accurately documented. Part of an R&D Tax Credit claim is made up of a detailed narrative, describing the technological advancements, uncertainties and risks, and laying out what R&D expenditure took place specifically.
With offices in Dublin as well as London and Leicester in the UK, Myriad Associates takes its responsibilities seriously in keeping up-to-date with any scheme updates as they happen. Changes to laws and guidelines in this area can be released quickly and regularly, and we are proud to offer the most accurate advice our clients can get.
In short, yes it’s perfectly possible of course to apply for R&D Tax Credits yourself, or using your usual business accountant, however success is incredibly hit and miss. To make a successful, maximised claim your best bet is to work with a firm that has a proven track record in assisting Irish businesses like yours. We can deal with your claim for R&D tax relief from beginning to end, whilst making sure the whole process is as cost-effective and hassle-free as possible.
A priority for the Irish government is to attract R&D investment to enhance economic growth and, as mentioned, this means changes to guidelines happen quickly and frequently. We will apply our unique methodology in navigating this complex area, so you don’t have to worry. This is thanks to our holistic approach and attention to detail.
Myriad Associates has been assisting with R&D tax relief claims for years and our clients come from all over Ireland and the UK. Due to our huge amount of industry experience and expertise, we know exactly how to capture and explain relevant R&D expenditure and our friendly, efficient advisors will get everything they require from you quickly and efficiently. The team will then work with you to put together your narrative report, collating all the applicable costs together and calculating how much relief you’ll receive. Finally, we take care of any queries the Revenue may have - and our fees are up-front and clear with no add-ons or extras.
Here at Myriad Associates we are adept at handling R&D Tax Credit claims - and there’s very little we’ve not come across before. Whether you’re an established company undertaking new, innovative projects or you’re a start-up looking to expand, we will work with you to a successful conclusion. We’re also happy to answer any questions you may have during the claims process, and offer practical advice where required. Plus if you’re concerned that any information is missing or incomplete, we can assist with this too.
Simply get in touch with us on +353 1 566 2001 or use our contact page and start your R&D Tax Credit claim today.