R&D Tax Credit

Overview

Since its introduction in 2004, the R&D credit has been instrumental in attracting foreign direct investment to Ireland and stimulating growth within indigenous Irish companies.

We have a dedicated R&D team with extensive experience in working with companies across a wide range of industries, in both maximising R&D tax credit claims and embedding an R&D tax credit methodology within the client organisation to minimise risk under a Revenue audit.

Potential issues

The R&D credit is going through a period of continuous evolution driven primarily by changes in legislation and Revenue practice. This means that companies will constantly need to keep up-to-date with the latest developments. Some of the questions you might need to consider include:

  • Do you have the right technical documentation in place to support the R&D activities in your claim?
  • Are you aware of the new restrictions imposed in the latest Revenue guidelines regarding ancillary costs which can be included in your claim?
  • Do you have sufficient process controls in place to identify and track the underlying R&D activities and associated costs?
  • Are you maximising the significance of your R&D tax credit in terms of the activities being included?

How can we help?

Given the strategic importance of the R&D credit for businesses and its increasing relevance in terms of the financial results, we can work with you to maximise the potential benefits while managing the associated risks.

  • Supporting documentation
    We can help you prepare documents needed to meet Revenue standards and to make sure your claim is supported in the event of an audit
  • R&D methodology
    We will help you develop internal controls to track and document the underlying R&D activities, together with the associated costs, to streamline the annual claims process. Our aim is to maximise your credit, minimise the risk and minimise the input of your R&D staff
  • Global network
    We also have a global network of R&D professionals, located in more than 30 countries, who can help you develop a sound global R&D tax strategy and maximise the cross-territory reliefs available
  • Audit assistance
    The R&D credit has been identified as a key risk area for Revenue and one in which they have increased their level of audit activity. We will provide you with support in the preparation for and duration of a Revenue audit such that a suitable ‘defence file’ is in place to stand up to Revenue scrutiny
  • Maximisation of credit
    We can help you identify the qualifying R&D activities and costs for your business to ensure that the credit is being maximised while also ensuring compliance with current Revenue expectations

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Contact us

Stephen Merriman

Partner, PwC Ireland (Republic of)

Tel: +353 1 792 6505

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