Maximise Your R&D Tax Credit Claim

In General

Maximizing R&D Tax Credits

R&D tax relief is the most expansive tax incentive extended to companies by the Irish government. As of 2016, this tax incentive provided  €690 million of funding, indicating the popularity of this incentive. In order to be considered eligible for this incentive, a business must be carrying out innovative projects, which meet the following requirements:

  • It should be within a scientific or technological field;
  • The research undertaken should either be  applied, basic, or experimental research;
  • It should be systematic and investigative in nature.

While making the R&D tax claim, you will want to claim every eligible Euro to ensure that your company benefits more from this government program. In order to maximize your R&D tax claim, you can consider the following tips:

Consider all R&D projects

While this may sound obvious, it is often overlooked, especially when it comes to small development activities. Some of these small development activities qualify to get this incentive and it is therefore important to include them when preparing a claim.

Set up a documentation system

It is important to set up a R&D tax credit system that will enable you to keep the required data contemporaneously. This way, all projects, activities, and costs will not be omitted when it comes to compiling all the necessary requirements for submission. Therefore, you will have the claim ready by the end of the year and there will be no need to rush.

Develop a checklist for qualifying costs and activities

A checklist is helpful for identifying all of the activities and costs that may qualify for the incentive based on the standards set by the government. This will maximise the potential claim you can receive from Revenue.

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