R&D Tax Credit

R&D tax credit system is designed to encourage companies to invest in R&D activities. To qualify for the credit, the company must be liable to corporation tax in Ireland, have incurred qualifying R&D expenditure in Ireland or EEA. The company must be carrying out activities in the field of science and technology, these activities must involve the resolution of scientific or technological uncertainties, and seek to achieve an advance in the overall knowledge or capability of the company. The activities must be conducted in a systematic, investigative or experimental manner.

Salaries of employees directly or indirectly involved in R&D activities. Cost of consumed materials for testing, experimentation, prototyping, or design. Cost of Plant and Machinery or specific equipment purchased, or used for R&D purposes. Cost of subcontractors (limited to €100K or 15% of the claim whichever is the greater) . Cost of relevant overheads use for R&D activities.

Contrary to popular belief, the credit is not limited to “white lab coat” activities. If your company is developing new or enhanced products, processes or services in industries, such as Pharmaceuticals, Medical devices, Software& IT, Engineering & manufacturing and Food and Beverage, your company may be eligible to avail of this credit. companies can avail of the credit within 12 months of their accounting year end and as part of CT1 submission.

ReDev Partners can provide a full service offering and prepare your potential claim.