Do you think you are not carrying out R&D in your company? It may be well worthwhile for you to assess your activities. Your company could qualify for the valuable R&D tax credit.
While most companies across all sectors are producing new, or improving existing, products, processes, devices, materials or services that could qualify for a tax credit, few actively claim it.
At Crowleys DFK, we understand that identifying eligible R&D activities and the subsequent decision to make an R&D tax credit claim can be daunting,
Our experienced and dedicated R&D team will guide you through the process from beginning to end with minimum disruption. In short we can take the weight of making an R&D tax credit claim off your shoulders.
How can we help?
- Establish whether your R&D activity is qualifying.
- Establish what costs can be claimed as R&D spend.
- Prepare a project report to document your R&D activity.
- Train your staff on how to record their R&D activity and capture the R&D spend.
- Implement a tailor-made system allowing you to record and document your R&D project step-by-step as you go.
- Claim the R&D tax credit through your company’s corporation tax return.
- Liaise with Revenue in the event of an Audit.
Claiming the Knowledge Development Box should be a natural extension of claiming the R&D tax credit
The Knowledge Development Box (“KDB”) is designed to complement the R&D tax credit and encourage companies to develop Intellectual Property in Ireland that have a high ‘value add’ for the Irish economy.
The KDB provides for a reduced tax rate of 6.25% on profits arising from certain Intellectual Property Assets that are the result of qualifying R&D activity carried out in Ireland. Therefore, claiming the KDB should be a natural extension for companies already claiming the R&D tax credit on an annual basis.
Do you think your company may have carried out any R&D within the past year? Contact our tax team now for a free initial one-hour consultation.