19 Jun 2021 | 09.24 am
R&D Tax Credit And Grant Tips From Braithwaite
Boost your cashflow with R&D Tax Credit and Grants
19 Jun 2021 | 09.24 am
Braithwaite has over 20 years of experience in claiming both R&D tax credit and relief claims for clients in Ireland and the UK with vast knowledge and expertise in dealing with Revenue and the HMRC. This is a very valuable incentive to businesses who are tax registered in both jurisdictions and looking to evaluate the most beneficial and enhanced method of availing of the credit/refund writes Brenda O’Leary, Sales and Account Manager with Braithwaite Consultants. She explores what companies are entitled to in relation to R&D Innovation and Funding Tax Credits.
What is the R&D Tax Credit initiative?
The R&D Tax Credit Initiative is an opportunity to return 25% of your research and development expenditure (salaries, capital items, overheads, consumables, subcontractors etc.) either by reducing your Corporation Tax liability or as a cash refund to reinject into your business.
Who can take advantage of the Program?
R&D Tax Credits are accessible across all industries, not just those at the cutting edge of scientific advances. Once a project is seeking to achieve a technological or scientific advancement, resolution of a technological or scientific uncertainty and involves carrying out experimental and systematic activities, then your company is potentially eligible for this credit.
Research, Development & Innovation Grant
The Research, Development & Innovation (RD&I) Grant can provide funding for companies involved in R&D activities and is supported by both Enterprise Ireland and IDA Ireland. Similar to the R&D Tax Credit submitted to Revenue, the RD&I Grant focuses on a strong technical report to underline and articulate your company’s innovation. A weak technical report will lead to a rejected funding opportunity.
Company Case Study
A medical device company had been claiming its R&D Tax Credits in-house. The company decided to engage Braithwaite to review its procedures and see if any value could be added to its claim. Upon evaluating the project list, discussing the activities with the technical leads and reviewing all costs incurred across all departments, it was evident that some activities and their relevant costs were overlooked.
Through the investigation and review performed by the Braithwaite team, there was a 25% increase to the company’s R&D Tax Credit claim. As a result of this successful outcome, the client retained our services not only for R&D Tax Credit claim but for our RD&I Grant services.
How Braithwaite Consultants Can Help Your Business
• Advice on both Irish and UK R&D Tax Credit programmes.
• Dedicated, experienced and independent advice with competitive and flexible fees.
• Robust claims supported by our expert technical and financial reports, as well as full Revenue/HMRC audit support for peace of mind when filing.
• RD&I Grant services.
Free Initial Consultation
To find out if you are eligible for the Tax Credit, please contact Brenda O’Leary for a free consultation.
Tel: 086 319 4747
Pictured: Brenda O’Leary, Braithwaite Consultants