Planning your R&D Tax Credit Claim - The 5 Stages
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Planning your R&D Tax Credit Claim
The Five Stages

While Research and Development Tax Credit claims can be filed within 12 months from the end of a taxation year, Braithwaite recommends aiming to complete the claim over the course of the year in real time to avoid last minute information gathering and submission. This will allow dividing the process into a number of stages to collect and process the information in a timely manner.  

Below we’ve outlined how our senior team of technical and financial experts work with you to find the maximum amount of credit while minimizing your time investment.

Stage One: Reviewing active projects and existing processes

Our first step is to make sure your team has a solid understanding of Revenue’s guidelines and to ensure that we have a solid understanding of your organisation and internal processes. This involves a detailed presentation to your technical and finance leads on the R&D Tax Credit guidelines / legislation as well as reviewing your existing processes, organisational tools, project lists and tracking systems. From this information and discussion, we review potential R&D projects to narrow the list to those that are likely to qualify as well as determine the most suitable method of gathering the necessary technical and financial information.

Stage Two: Gathering information for technical report throughout the year

Next we work with you to develop a plan to capture the information necessary to support your claim from a technical perspective. Our technical team will recommend the best methodologies to capture internal technical information if none is available or suggest ways to enhance the current process. Based on discussions with your technical we obtain the information necessary to write a technical report for each project that describes the work performed and why it is eligible.

For stages three, four and five, click here

Industry Innovations Supports Feature

Knowledge Development Box (KDB)

Ireland will introduce the first Organisation for Economic Co-operation and Development-compliant Knowledge Development Box (KDB) in January 2016.

The KDB offers a 6.25% tax rate on income arising from eligible intellectual property assets, and will require that a company evidence the link between RDI activity/expenditure in Ireland, and the income derived from the resulting intellectual property.

The Finance Act will set out further details relating to eligibility and Revenue guidelines will be issued in due course.

(Excerpt from Directory of Innovation Supports, Research Centres and Technology Centres 2016)
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