Research and Development Tax Credit: Who Qualifies and What You Get
Learn how Irish companies can claim a tax credit for spending on qualifying research and development activities.
This scheme provides a financial incentive for companies in Ireland that invest in scientific or technological advancement. It allows businesses to claim back a portion of their spending on specific research and development activities.
Who it's for
This credit is designed for companies that undertake qualifying research and development activities within Ireland.
What you get
You can claim a 25% tax credit based on your qualifying R&D expenditure. This helps reduce the overall tax burden for companies investing in innovation.
What it costs you
While there is no direct fee to apply, it requires a significant investment of time and resources. You must provide detailed technical documentation and undergo accounting audits to prove your claims.
The catch to know
The definition of a "qualifying activity" is strictly interpreted by inspectors. Not all technical work or experimentation will count, so you must ensure your activities meet the specific legal standards required.
How to apply
- Ensure your research activities meet the strict technical criteria.
- Prepare detailed technical documentation and financial records for your expenditures.
- Arrange for necessary accounting audits to support your claim.
- Submit your claim through the official portal: https://www.revenue.ie