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Claiming R&D Tax Credits is a complex process and it’s easy to make a mistake. Our advice? Never go it alone (or even with your accountant).
Claiming R&D Tax Credits must be pretty easy - it’s only a form to fill in, right?
Wrong! A thousand times wrong.
Far too many companies still think this - and just as many are missing out on thousands of pounds of extra cash.
Generous and extremely lucrative, the R&D Tax Credits scheme has existed in Ireland since 2004. But in the years since, it’s been subject to many iterations, becoming somewhat of a behemoth. Not only do you need to know exactly what R&D costs can be included (or even if you can claim at all), but dodging a Revenue audit is also pretty high on the agenda.
This is about maximising your claim, so every penny ends up in your company’s pockets. Overclaiming or underclaiming is so easy, and what about if you (or Revenue) has a question? Who are you meant to turn to? An R&D tax consultancy, that’s who.
Not swayed yet? Here are some seriously good reasons why a good R&D tax consultancy is quite literally worth its weight in gold.
You’re running or managing a company and there aren’t enough hours in the day. When are you supposed to find the time to sit down and make a claim for R&D Tax Credits?
Putting together a successful claim involves accounting for all your relevant R&D expenditure as well as compiling a super-compelling technical report. Don’t underestimate how much time this can take. Not only do you need to have all your documents, receipts and records to hand, you also need to accurately apportion them to the actual R&D work itself.
An example: your electricity bill. R&D Tax Credits allow you to claim up to 25% of it back, but only the percentage that was directly used up in your R&D work. Not the whole bill. And getting it wrong can easily land you in hot water with Revenue – a big headache to be avoided at all costs.
You’ll also need multiple staff members like project co-ordinators and engineers to get involved in the claims process and provide evidence too. Not easy to manage and co-ordinate. And again, have you really got time to do this?
Really experienced R&D tax advisors all have one thing in common: they can sniff out a claim from twenty paces, even if it’s far from obvious.
Since Myriad Associates began in business (more years ago than we care to remember) we’ve seen so many companies accidentally under-claiming. Usually it’s simply because they haven’t realised their project qualifies, or they’ve missed off numerous costs.
Furthermore, once the project has been deemed eligible, R&D tax specialists will use their broad knowledge of both the relief and how Revenue functions to put together a watertight claim for you.
The range of costs that can be included in an R&D Tax Credits claim is very broad indeed. The government has made it somewhat of a catch-all, but you still need to know which specific ones in your own project are relevant.
Staff wages, overtime, some subcontractor costs, pensions and certain overheads are a few of the common ones. But without a very firm grasp of the extent to which they qualify, it’s easy to make an error.
Bear in mind that R&D Tax Credits are awarded not because a project was necessarily successful. The crucial point is that a technological or scientific discovery was made that a competent professional in the field couldn’t crack easily from the outset. It’s not as straightforward as it may seem.
At Myriad Associates we check and double check every aspect of your R&D claim before sending it to Revenue. However, Revenue will still on occasion want to ask you additional questions, typically about your business, your project or your calculations. It may even just want to carry out a spot check and your company is the lucky candidate that day. But either way, it can be really unnerving when it happens. Again, this is where it’s so worth partnering with R&D tax specialists.
Whatever it is Revenue want answers for, you need to know exactly what to do next, even down to using the right terminology. Otherwise you risk slowing up your claim at best, and at worst get slapped with a fine or other legal issues.
With this in mind, if you do end up with a Revenue enquiry you’ll need a team of R&D experts in your corner. At Myriad Associates we will be pleased to allay any fears and work with you on how best to proceed. We’ll also clarify anything you’re not sure of, helping bring forward a mutually acceptable outcome for everyone.
Don’t be tempted to go it alone - or even use your normal accountant (brilliant as they may be). Even the most competent of general accountants may struggle with the niche area of tax that is R&D Tax Credits. We strongly recommend using your R&D tax consultancy alongside your accountant, not instead of.
Claims that are poorly structured, contain too much jargon or that aren’t prepared correctly are likely to attract further Revenue scrutiny. They could even be thrown out altogether. However, by working alongside an R&D tax specialist, you’ll drastically cut the chances of any problems. A stitch in time, after all, saves nine.
At Myriad Associates, we’re proud of our 100% success rate in achieving the R&D Tax Credits companies in Ireland deserve. By creating and submitting a detailed, robust claim on your behalf, you can rest assured you’re not only staying the right side of Revenue, but could well end up with a substantial tax rebate too.
Expert technical knowledge goes a very long way when it comes to R&D Tax Credit claims. Although we’re based in Dublin our team works remotely, so it doesn’t matter where your company is. You don’t even need to leave your desk.
Contact us today and see what you could claim on +353 1 566 2001, or drop us a message.