Ireland’s R&D tax credits regime

Tax

As a country that prides itself as being a great place to do business, the introduction of Ireland’s R&D tax credit in 2004 has become a cornerstone of the country’s strategy to foster much needed innovation and attract investment.

Designed to support companies of all sizes, the credit encourages investment in scientific and technological advancements across a broad range of industries, including life sciences, technology, engineering, and agri-food.

The R&D tax credit is 30% for accounting periods commencing on or after 1 Jan 2024 of qualifying expenditure (uncapped) which may be claimed as a cash refund, thus providing valuable cash flow funding for claimant companies.

The R&D tax credit can be claimed in addition to the normal corporation tax deduction at the standard 12.5% rate, thus cumulative tax relief of 42.5%. This coupled with the availability of grant support can be a game changer in the cost to the business of funding innovation projects, delivering greater shareholder value.

At RSM, our specialist team will help you navigate the complexities of the R&D tax credit scheme, practicalities and advise on how it may apply to your business.

How can we help – our R&D Services

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 specialist team possesses the tax, financial, and scientific technical skills to assist companies, regardless of size or sector, in preparing their claims through tried and tested methodologies and processes. We aim to ensure that your claim is complete, accurate, and will withstand a Revenue audit.

Stages involved in preparing an R&D tax credit claim:

Feasibility Study: assessing the potential for a successful claim.
Detailed Preparation of Claim: gathering and documenting all necessary information.
Submission to Revenue: filing the R&D tax credit claim with the relevant authorities.
Audit Preparation/Support: providing support in case of a Revenue audit.