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Money spent by a company on research and development activities may qualify for the R&D Tax Credit. The credit is calculated at 25% of qualifying expenditure and is used to reduce a company’s Corporation Tax (CT). Where a company has offset current and previous years’ CT liabilities, it may apply for a credit payable in instalments.
A company may qualify for the R&D Tax Credit if:
Advances in the fields of Science or Technology, (Innovation) within your business may qualify as R&D and it is a wider ‘catch all’ than you think.
The R&D activities must be carried out in a planned & logical sequence and be fully documented at each stage.
There must be uncertainty before each stage and again this uncertainty much be documented.
The 25% tax credit has recently been increased to 30% for SME’s but the tax credit is linked to your payroll taxes paid in the same year, which is logical from a Revenue & job creation point of view.
RMcH states: if you think you maybe carrying out R&D activities within your business please call us and we can do a preliminary assessment. Then we can assist with the documentation phase (science tests & accounting tests) set up, we have a very tailored package in this regard. It is an excellent tax credit (free money) if you qualify.
So what are you waiting for? Call Today and talk to us about how we can make a real difference to your business. Arrange your Meeting using the form below or call us direct on +353 1 8827 600.
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