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Your trusted adviser for R&D Tax Credits and R&D Grants
Your trusted adviser for R&D Tax Credits and R&D Grants
R&D Tax Credits enable Irish businesses developing new and improved products, processes or services to receive a tax deduction or cash payment from Revenue. Eligible companies can enjoy tax credits worth 30% of their qualifying expenditure.
The R&D Tax Credit incentive is designed to encourage innovation in Irish companies. It provides a tax credit of up to 30% for R&D activities, boosting cash flow or reducing a company's tax bill.
Claiming your entitlement requires some know-how; an R&D technical report and detailed report on costs claimed are essential to make a robust claim. The claim is submitted to Revenue as part of your Corporation Tax return (CT1).
The R&D tax credit rate was recently increased from 25% to 30% for accounting periods beginning on or after 1 January 2024, delivering an even bigger benefit to Irish companies.
Any company in any industry may be eligible for R&D tax credits. The basic criteria to be able to apply:
Eligible R&D projects must seek to advance a field of science or technology and overcome scientific or technological uncertainty to do so.
You could be developing new products, processes or services or improving one that already exists.
First-time claimants and those who have not made a claim in the last three years need to submit a pre-filing notification at least 90 days before their claim.
You can claim up to 30% of your eligible R&D costs back through the R&D tax credit scheme. This means that for every euro you spend on qualifying innovative activity, up to 30 cents will make it back into your pocket.
The tax credit rate is 30% for accounting periods starting on or after 1 January 2024 and 25% for accounting periods starting before 1 January 2024.
Companies need to decide for each instalment whether the R&D tax credit should be treated as an overpayment of tax (i.e., used to reduce the Corporation Tax due) or paid in cash to the company by Revenue.
Most costs that you spend on your R&D project can qualify. The expenditure must be incurred when trying to overcome uncertainty and advance the field.
The following categories can be claimed:
R&D tax credit claims are processed by Revenue as part of your Corporation Tax return. You must make your claim within 12 months of the end of the accounting period.
We recommend producing an R&D tax claim report that justifies the technical advances and uncertainties involved, along with a detailed breakdown of the eligible expenditure being claimed on a project-by-project basis. This is crucial in the event of an audit from Revenue.
For accounting periods beginning on or after 1 January 2024, first-time claimants must notify Revenue at least 90 days before making their claim. This requirement also applies to companies that have not claimed in the previous three years.
Our R&D tax credits calculator will provide you with an estimate of the corporation tax savings or cash payment that you may receive from Revenue following a claim for R&D tax relief.
Myriad is your trusted R&D tax credit partner. Our professional and friendly team of expert tax advisors, qualified accountants, and industry-experienced technical specialists have helped innovative Irish businesses make successful R&D tax claims for years.
With a thorough analysis of every project, our professionals will analyse your project from a scientific & technological perspective to ensure it qualifies under the scheme's ever-changing guidelines before proceeding any further.
Partnering with Myriad means your claim is robust, compliant and optimised.
About Myriad
Tax Cloud is our online R&D tax credit portal that helps you save money while making a robust, optimised claim.
It’s ideal for small & medium-sized businesses requiring guidance in making a maximised R&D claim, but don’t need a team to take total control of the claim. Tax Cloud allows you to enter your project details and costs at your pace, all the while knowing that a team of experts is reviewing your claim.
"Priya is great to work with. She is approachable, bubbly and very collaborative, which helps ease into building a professional relationship quickly. She has worked on our R&D tax claim before, and her dedication and attention to detail are commendable. She is hands-on and has always followed up with the team and myself to ensure each step of the claim goes as smoothly as possible from beginning to end."
Keshma Sahye
Vison RT
"Jillian's approach to our R&D tax credit application was characterised by meticulous attention to detail, a deep commitment to understanding our technology, and an ability to present our vision in a compelling and accessible manner. Her optimism and resilience, especially in moments of challenge, were supportive and truly inspiring. All of this resulted in us successfully securing R&D tax credits, and we look forward to working with Jillian and Myriad again in future."
Waqas Akram
RedCloud Technologies
"CACI partnered with Priya and Myriad to complete our R&D Expenditure Credit claim for the last two financial years. Priya quickly understood our business and combined that with her deep knowledge of the tax incentive scheme to optimise the value of our claim. This resulted in a total claim substantially more than our forecast. Priya could work flexibly around our corporate policies, such that the calculation was finalised swiftly and collaboratively, with the resulting claim being folded into our existing tax filing processes - as required by our internal controls."
Sam Pickard
CACI
"Jillian worked collaboratively with the management and development team at Lumi to execute the annual Research & Development tax review for the software development projects undertaken. With a keen understanding of software development's intricate tax landscape, Jillian guided the team through the process, delving deep into the nuances of Lumi's software estate and the development undertaken to enhance this. The synergy between Myriad and Lumi was evident in the seamless flow of information and collaboration. Jillian fostered an environment of open communication and joined multiple deep-dive sessions, probing for evidence to ensure the submitted position was accurate and compliant. Myriad's comprehensive tax report showcased the team's commitment to excellence."
Marc Harper
Lumi Holdings Ltd
"FlowForma Limited has worked with Myriad since 2022 on our annual R&D Tax Credits claim. The scope of this claim is the software research and development initiatives that FlowForma have undertaken during the claim period. FlowForma initially selected Myriad as our partner as they offered a complete service to help us prepare the required reports and submit our claims. Working with Myriad, the claims submitted to date have been accepted, allowing the company to invest further in our Research and Development initiatives. Jillian has a good understanding of the technology stack we use. Jillian's approach to preparing our annual R&D Tax Credits report has made this process easier, and Jillian has constantly added value through her probing questions and valuable feedback."
Gerard Newman
FlowForma Ltd
"We had a great experience working with Myriad on an R&D tax credit claim for our temporal metadata graph visualisation product. Millie’s deep technical knowledge made it incredibly easy to discuss the project despite its complexity, and her writing brought out the best parts of our work."
Ronan Kumar
Solidatus
"CACI partnered with Millie and Myriad to complete our R&D Expenditure Credit claim for the last two financial years. This involved qualifying many projects across our business and dealing with numerous stakeholders. During this time, Millie demonstrated vast amounts of patience and organisation. For the required detailed technical writeups, Millie conducted a thorough but easy-going meeting with the relevant project leads, then used the information gathered to draft an elegantly written report which hit all of HMRC's requirements for claim eligibility. This was all completed within our tight deadlines".
Sam Pickard
CACI
"Working with Rabia on our recent project was an exceptional experience. As a Corporate Tax Associate, Rabia was pivotal in guiding us through the complexities of our tax obligations, particularly in R&D tax credits, which were crucial to our project's success. The results of Rabia’s work were outstanding. Thanks to her diligent efforts, we maximised our tax benefits, which significantly impacted our project. Rabia’s professionalism, combined with her friendly and approachable demeanour, made the entire process not only fruitful but also enjoyable. I highly recommend her services to any business seeking expert tax advice."
Aria Pour
Bynaric
"With great pleasure, I offer my highest recommendation for Rabia based on her invaluable contributions to our R&D projects. Rabia consistently demonstrated exceptional skills, dedication, and a remarkable ability to drive results throughout our collaboration. Rabia is not only exceptionally skilled in her field but also exhibits a remarkable level of promptness and helpfulness. Her responsiveness and willingness to go above and beyond have greatly enhanced the efficiency and effectiveness of our projects."
Sajanth Sritharan
WIS Accountancy
"I was really impressed by Barrie’s input throughout the R&D tax credit application and was blown away by the 24/7 response rate to complex questions."
Brett Harding
YourTour Ventures
"We've been working with Barrie and his team for 4 years for R&D tax credits and they have done a great job in understanding our business and the development infrastructure."
Rahul Shah
Lumi Holdings
"Had a wonderful experience claiming R&D Tax Credits, a subject for specialists, and they are incredibly knowledgeable. Barrie and the team were fantastic at dealing with the claim on behalf of my client. They have a brilliant system to assist small businesses that have invested in R&D and need that additional boost, without phenomenal costs. Recommended for anyone dealing with R&D Tax Credits!"
Ivan Soares
TaxInc Associates
If you opt to receive your R&D tax credit as a payable cash credit, you will receive it in three annual instalments.
For accounting periods beginning on or after 1 January 2023 and before 1 January 2024, your instalments will be:
For accounting periods beginning on or after 1 January 2024 and before 1 January 2025, your instalments will be:
For accounting periods beginning on or after 1 January 2025, your instalments will be:
Many businesses don’t realise that they are undertaking eligible qualifying activities. If your technical lead (the R&D manager, lead engineer, or lead developer) is struggling to overcome the technical challenges of your project – if they are scratching their head wondering how to proceed or losing sleep worrying about the technical uncertainties they face – your project will almost certainly qualify for R&D tax credits.
Your project needs to:
If you’re not sure if your project meets these requirements, get in touch with our team of experts at Myriad; we’ll be happy to complete a free review of your projects.
In terms of qualifying tasks, the following activities would be considered eligible for R&D tax credits:
In addition, certain indirect support activities may qualify for R&D tax credits, such as:
However, some activities that are essential to R&D are not eligible. This is because you can only claim for activity that is actively overcoming the uncertainty. The following activities occur before or after the uncertainty is being overcome.
It is not uncommon for an R&D team to consist of many individuals from different parts of the business.
Your R&D project team may include the R&D Manager, Developers, Engineers, Project Co-ordinators, CAD Engineers, Quality Control and Testing Specialists, and Cost Accountants, as well as members of the senior management team.
A business must submit its R&D tax credit claim within 12 months of the end of the accounting period during which the R&D activities took place.
To make a claim, the business must complete the CT1 form through the Revenue Online Service (ROS).
If you are required to submit a pre-filing notification, you must do this 90 days before your claim submission, so you should start preparing as soon as possible.
For accounting periods starting on or after 1 January 2024, the pre-filing notification is obligatory for first-time claimants or those who have not made a claim in the preceding three accounting periods.
Unfortunately, Revenue will not accept a late claim.
To make your claim, you are only required to submit a correctly filled-out CT1; if you are cutting it close, focus on your costing analysis to ensure you have gathered the correct R&D expenditure for your CT1 and prepare your technical narrative following your claim submission.
Revenue reviews R&D tax claims randomly. In the event of an audit, they will request more details about the R&D work done (where you will need to supply a technical narrative) and a justification for the costs claimed. If this audit reveals that your claim does not stand up to scrutiny, it’s possible that a wider audit could be opened.
To prepare a strong claim that is more likely to withstand an audit, we strongly advise that a claim is supported by a detailed report outlining the technical advancement and uncertainties and providing a detailed breakdown of the eligible R&D costs.
Using a reputable R&D tax advisor to help prepare and submit your claim will show Revenue that your claim was made with a considered approach and is less likely to be suspected for fraud or error.
Section 766 (qualifying activities) of the CT1 return must be completed within 12 months of the end of the accounting period in which the business incurred the R&D expenditure.
One of the conditions for a company to make an R&D tax credit claim is that the claimant company must carry out the qualifying R&D activity. There are two situations in which relief is available to a company that has not carried out all the qualifying R&D work:
In either case, the company must incur at least the same expenditure on qualifying activities it carried out, and the subcontracted activity must be eligible as R&D in its own right.
The company must also notify the subcontracted party in writing that they may not make an R&D tax credit claim for these activities.
Any expenditure met by any grant aid or assistance from the state, or any public or local authority of any other agency of the state or another relevant EU or EEA member state will not qualify for R&D tax credits.
Any expenditure that was not covered by the grant is still eligible for R&D tax credits. If your grant covers 70% of your costs, but the other 30% was self-funded, you can claim R&D tax credits on this 30%.
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