Revenue To Expedite R&D Tax Credit Payments During Covid-19 Pandemic

Revenue will accelerate payments of the R&D tax credit to help struggling businesses during the Coronavirus pandemic. 

Currently, R&D tax credits are not available until at least nine month after the end of an accounting period and Revenue is only required to pay the credit after the 23rd of September each year. However, in a recent briefing, Revenue stated that they would bring forward the payment, allowing companies to accelerate payments by at least six months. This would help companies claiming or considering claiming the credit in this uncertain climate.

Mark O’Sullivan, from BDO Ireland, said that the cash refund would help bolster cash flow when it is most needed.