What are Tax Credits?

Tax Credits: Our Guide

Tax credits, in essence, are an amount which can be offset against a tax liability. Tax credits typically provide an incentive of some sort to increase business and commerce within a specific region during a specific timeframe to further stimulate the local economy. Read on to learn how you can best utilize the R&D tax credits, how they work, and why you should contact us to start the process of obtaining your R&D tax credit as soon as possible.

What are Tax Credits and How Do They Work?

As mentioned above, tax credits provide an offset of sorts towards your overall tax liabilities and they work through a variety of tax authority programmes. These tax authority provided programmes develop incentives for companies to perform and complete various objectives in the realm of research, innovation, development, efficiency, etc… When these tax credits are introduced to an economy, many businesses will flock towards the opportunity as it provides them a large number of potential gains in a relatively short amount of time, whereas if the incentives were nonexistent, there would be a large number of financial hurdles to surpass.

What are Tax Credits in Ireland?

Tax credits in Ireland are relatively the same as in other countries in the sense all tax credits will offset tax liabilities and provide increasing amounts of incentives for the companies partaking in said tax credit programmes. Ireland is a monumental force in the tax credit programme niche and continues to attract domestic and foreign companies alike to engage in their initiatives.

What Tax Credits are You Entitled To?

Through R&D tax credit programmes, you’re entitled to a large range of offsets. These tax credits may be derived from such activities as employing certain niche-specific employees (engineers, scientists, researchers, etc…), purchasing equipment to increase productivity and efficiencies, and investing in processes and methodologies to achieve desired results in the overall R&D scheme.

How Do I Find Out What My Tax Credits Are?

The best way to determine which tax credits your company qualifies for is to contact us and let us provide you with our consultation services. We’re experts in our field and we want to see you benefit as much as possible from our efforts. We truly enjoy assisting businesses such as yours in reducing tax liabilities.

When are Tax Credits Usually Paid?

Tax credits are usually paid to companies within 28 days of filing the claim for said tax credits. Tax authorities aim to complete the process as soon as possible to allow qualifying companies to continue on with their efforts in a timely fashion, yet as a business’ operations become more involved, so do the tax credits. With this said, there are a number of reasons your tax credit payments may be taking longer than anticipated to arrive and we’ll be here to assist you to the best of our ability in receiving your appropriate tax credit payment.

Choosing Swanson Reed for Your R&D Tax Credit Advising

Choosing Swanson Reed for for your research and development tax consultation is a choice which will surely benefit your company and offset your tax liabilities. Feel free to contact us to learn more about our various offerings and services and how we can best assist you with your R&D tax credit questions. We’ll be sure to respond to your inquiry as soon as possible and we look forward to hearing from you soon!

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