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R & D Tax Credits

Is your company carrying out R&D work? You have the potential for a Tax refund.

The R&D Tax Credit scheme has been a strong motivation in attracting foreign direct investment to Ireland, as well as encouraging domestic R&D activity since 2004.

The R&D Tax Credit claim process requires clear and precise identification and documentation of qualifying R&D activities and expenditure, specialist knowledge of eligibility rules, and an in-depth understanding of Revenue’s process. Companies must also be prepared to support the claim in the event of a Revenue inquiry.

A 25% R&D tax credit is available for companies carrying out qualifying R&D activities in Ireland. This is in addition to the normal tax deduction.

To qualify for the R&D Tax Credit:

  • The applicant must be a company.
  • The company must be within the charge to Irish tax.
  • The company must undertake research and development activities within the European Economic Area (EEA).
  • In the case of an Irish tax resident the expenditure must not qualify for a tax deduction under the law of another territory.

We understand that not all companies have the time to research and develop their claim, which is where we come in. At FMB, we have retained International Experts to identify instances where a company is carrying out qualifying R&D activities and will assist in quantifying the amount concerned to ensure that any claim is maximised. Even where the company concerned is not profitable it may still be possible to avail of cash refunds. Furthermore it is possible in certain circumstances to surrender the R&D credits to key employees.. We can effectively and sufficiently coordinate and research your claim for your company’s R&D Tax Credit.
FMB Chartered Accountants are experts in Taxation. For information and advice, email us at enquiry@fmb.ie or call 01 645 2002. You can also sign up for our quarterly newsletter full of tips and updates on topical issues which are of interest to our clients and followers.

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