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Revenue recently announced that it would be expediting all R&D tax claims in a bid to free up thousands of euros in cash for businesses
At this time of worry and concern about COVID-19, the team at Myriad & Tax Cloud fully appreciates the disruption to all our usual lives, both at work and at home. Our thoughts are with all those who have been personally affected by the pandemic as well as for businesses that are facing some very challenging times.
Fortunately, we can confirm that it is ‘business as usual’ at Myriad & Tax Cloud with all team members able to work remotely from home and currently processing and submitting R&D claims on behalf of our Irish clients.
Revenue recently announced that it would be expediting all R&D tax claims in a bid to free up thousands of euros in cash for businesses that may be struggling during this period. Following this announcement we would strongly recommend that if you have an R&D tax claim to make that you get this submitted to the Revenue as soon as possible. Not only will this give your business a much needed cash injection, it will also mean that you’re at the front of the queue with processing.
The R&D Tax Credits scheme offers tax relief in respect of recognised R&D project costs an Irish company has incurred. The credit is calculated at 25% of eligible expenditure and reduces a company's Corporation Tax liability. Any company can apply and the scope of qualifying projects is massive. The benefit amount can also easily run into the thousands - why miss out?
Basic qualifying criteria says that companies must be based in Ireland and be subject to Corporation Tax. They must also have carried out applicable R&D work inside Ireland or another EEA member state. Finally, the expenditure must not be eligible for a tax deduction in a country outside of Ireland.
To be eligible for R&D tax relief, a company’s R&D activities must involve systemic, investigative or experimental activities in the field of science or technology. There must also be basic or applied research involved, which looks to address a specific scientific or technological uncertainty. There is no requirement for the R&D project to actually have been a success - as long as risks were taken in finding a solution.
You can find out more and how to apply on our R&D Tax Credits page.
As a highly specialised R&D tax credits consultancy based in both Ireland and the UK, R&D tax relief is entirely what Myriad Associates is about. With nearly two decades of experience we only deal in R&D tax relief and will be happy to guide you through the complexities of a successful claim. Simply call +353 1 566 2001 for straight-forward, friendly R&D advice or use our contact page.