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R&D TAX CREDITS

Companies are being warned they should be prepared for both technical and financial audits if they claim tax credits for R&D expenditure, according to The Sunday Business Post.

Currently, companies can claim a tax credit of 25% of incremental expenditure for qualifying R&D, with the base year set at 2003. However, they should be prepared to be subject to a technical audit from Revenue, who can bring in external experts to advise them.

Qualifying activities must be “systematic, investigative or experimental activities in a field of science or technology,” according to Revenue guidelines.

It must also try to “achieve scientific or technological advancement and involve the resolution of scientific or technological uncertainty”.

Allowable spending includes:

  • Engineering costs
  • Design
  • Operational research
  • Mathematical analysis
  • Computer programming
  • Data collection
  • Testing
  • Psychological research for qualifying activities
  • Support functions – maintenance, security, administration and clerical services

Any companies claiming such credits have been advised to keep a record of everything at every stage of the project rather than trying to collate it at the last minute if notified of a technical audit.

Revenue stipulates the maintenance of dated documents of the original scientific or technological goals of the work, its progress and methodology and its conclusions.

Noone Casey have acted for a number of companies successfully claiming R&D tax credits. Do not hesitate to contact us if you require any informnation in this regard.

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