What is the R&D Tax Credit?
The R&D tax credit is a valuable tax-based incentive that is designed to encourage investment in R&D by companies in Ireland. The credit operates by giving you up to 30 percent of your R&D expenditure (both revenue and capital) for accounting periods commencing on or after 1 January 2024 in a tax credit or in cash (subject to certain conditions being met).
The credit rate applies to qualifying R&D expenditure incurred by the company and is available in addition to the normal 12.5% trading corporation tax deduction for R&D.
The relief is generally available for R&D activities carried out in a wide variety of science and technology areas such as software development, engineering, food and beverage production, medical devices, pharmaceuticals, financial services, agriculture and horticulture.
How we can help - our R&D services
R&D Tax Credit claim service
A claim for an R&D tax credit involves identifying and documenting qualifying R&D activities and associated qualifying expenditure in a manner that meets the strict requirements of the legislation and Revenue Guidance.
Our market leading R&D Tax Credit practice has been at the forefront of this area since the inception of the R&D tax credit in 2004. Our team has the tax, financial, and scientific technical skills to assist companies鈥攔egardless of size or sector鈥攊n preparing their claims through tried and tested methodologies and processes. We aim to ensure that your claim is complete, correct and will withstand a Revenue audit.
Stages involved in preparing an R&D tax credit claim
- Feasibility study
- Detailed preparation of claim
- Submit R&D tax credit claim to Revenue
- Audit preparation/support
Revenue audit support
In our experience, Revenue is auditing a high percentage of R&D tax credit claims and is taking an increasingly hard line with respect to issues arising from audits of claims. As a result, we prepare all claims on the premise that they should be expected to withstand a rigorous Revenue audit.
乐鱼（Leyu）体育官网 provides wide-ranging audit support for clients whose claims we have prepared and for companies who have claimed the R&D tax credit without our initial assistance. We have successfully managed a very large number of Revenue audits (with respect to all aspects of the audit: scientific technical, financial and tax technical) and have an excellent understanding of Revenue's processes in this area.
Why 乐鱼（Leyu）体育官网 for R&D?
乐鱼（Leyu）体育官网鈥檚 R&D Incentives Practice was established in 2004, when the R&D tax credit was first introduced. We are Ireland鈥檚 largest, longest-established and most-experienced R&D Tax Credit practice with two fulltime partners specialising in this complex area. 乐鱼（Leyu）体育官网鈥檚 R&D Incentives practice is a multidisciplinary practice comprising of highly trained finance, tax professionals, scientists and engineers who exclusively work on R&D incentives 鈥� ensuring quality advice is provided.
Our SME and large company teams have filed R&D tax credit claims for businesses of every size and scale and in all industry sectors. We engage regularly with all relevant stakeholders, including taxpayers and Government, and we have significant experience of Revenue鈥檚 approach to auditing R&D tax credit claims in Ireland.
Do you have an R&D-related query?
Contact us. If you would like to request an R&D tax credits brochure, require information on how we can assist your company, or would like us to call you directly to discuss your particular circumstances, please get in touch with Ken Hardy or Damien Flanagan of our R&D incentives team.
We look forward to hearing from you.
Ken Hardy
Partner
乐鱼（Leyu）体育官网 in Ireland
Damien Flanagan
Partner
乐鱼（Leyu）体育官网 in Ireland
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More about our R&D Incentives practice
An eligible claim requires a well-structured, detailed, and pragmatic review of all activities and costs. 乐鱼（Leyu）体育官网鈥檚 R&D Incentives practice is a multidisciplinary practice comprising highly trained tax and finance professionals and chartered engineers working solely on R&D tax credit claims 鈥� this is all that we do!
We are Ireland鈥檚 largest, longest-established and most-experienced R&D Tax Credit practice, and are the only partner-led practice in Ireland.
- 乐鱼（Leyu）体育官网鈥檚 R&D Incentives practice was founded when the credit was introduced in 2004; we were the first Big 4 firm to establish a dedicated R&D tax credit practice.
- We have dedicated SME and large company teams within the practice to help ensure our service is tailored to our clients鈥� needs.
- We are a founding member of 乐鱼（Leyu）体育官网鈥檚 global R&D Incentives practice, an international network of specialist R&D practices with over 300 professionals working full-time on R&D tax incentives claims; we also lead the Europe, Middle East and Africa R&D Incentives Practice.
- We make sure all our claims are Revenue audit-ready, working with clients to take appropriate tax and technological positions that satisfy Revenue鈥檚 guidelines.
- We are the only Big 4 firm in Ireland to have a truly integrated team of full-time tax professionals and full-time engineers, of any material size, working solely on R&D tax credit claims.
- We have a dedicated R&D Grants Incentives Practice. By taking a holistic approach to R&D incentives in Ireland, this can lead to significantly reduced R&D costs.
- Our scientific/engineering professionals have 3 PhDs, 9 Master鈥檚 Degrees, and 15 Bachelor鈥檚 Degrees in fields of science, engineering and technology.
- Internationally, our scientific/engineering professionals have 18 PhDs, 17 Master鈥檚 Degrees, and 64 Bachelor鈥檚 Degrees in fields of science, engineering and technology.
- Our Capital Allowances/Tax Depreciation team (consisting of in-house chartered surveyors and chartered accountants) can help ensure our clients optimise not only their capital allowances and scientific research allowances, but also the plant, machinery and buildings expenditure that forms part of their R&D tax credit claims.
- 乐鱼（Leyu）体育官网鈥檚 R&D Incentives practice authored Ireland鈥檚 only specialist book on this subject, 鈥淭he Professionals Guide to R&D Incentives and related reliefs鈥�, published by the Irish Tax Institute.
- We take an active role in the ongoing development of the R&D tax credit regime, frequently engaging with key stakeholders, including government and the private sector, to share views on current R&D tax issues.
- Our annual survey in collaboration with IRDG, Ireland鈥檚 Innovation Index captures insights from key stakeholders, detailing strengths and areas for improvement in Ireland鈥檚 RDI sector.
- We work with Ireland鈥檚 leading industry associations and innovation centres, and we support Ireland鈥檚 innovative sectors by way of event sponsorships, information seminars, and the regular provision of 鈥渉ealth checks鈥� and assessments of potential eligibility.