The R&D tax credit incentive by the Irish Government was introduced in 2004 to promote innovation by encouraging companies to invest in R&D.

Promoting Research, Development, and Innovation

R&D tax credits can effectively reduce your tax bill. Calculated as 25 percent of your qualifying expenditure, the R&D tax credits are offset against a company’s corporation tax liability, in the first instance. In some instances, such as when the company is loss-making, the excess can be claimed as payable credit points subject to the limits laid down by the law.

Are You Eligible for R&D Tax Credit?

The incentive is available to a wide range of companies that undertake qualifying R&D activities in Ireland or the European Economic Area. The companies currently benefitting from the scheme comprise those operating across sectors such as healthcare, agriculture, manufacturing, food processing, IT, and much more.

What You Must Know

In order to claim R&D tax credit, you do not require to have a dedicated research team or lab facility. If a part of your operations is dedicated to innovation or improvement of a live product line, you might be incurring qualifying R&D expenditure.

Tax credits are available for expenditure incurred by an Irish company exclusively in carrying out the qualifying R&D activities. Such spending includes wages for employees, staff costs, bonuses and insurance for relevant staff, machinery, equipment, and overheads as well.

Besides, you must remember to file your claims within 12 months from the end of a completed accounting period.

R&D Tax Credit Advisors

Preparing a claim for R&D tax credit involves identifying the qualifying R&D activities and meticulously documenting the associated expenditure that qualifies for tax credit.

At Swanson Reed, we have a specialised team of certified experts with the appropriate skills to manage all facets of the R&D tax credit claim process for companies of all sizes across industry sectors. We offer you a bouquet of services, ensuring your claim is complete and accurate in all respects, supported by relevant and precise documentation to withstand a Revenue challenge.

Check your eligibility by getting in touch with our experts, here.