R&D Tax Credit Update – Science Test Under the Microscope
Analysis of important Tax Appeal case in which the Science Test aspect of the R&D Tax Credit was the focus
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New Year, New R&D Tax Credit claim
Firstly, at the start of a new year, we at Scimet R&D extend our warmest wishes to our R&D Tax Credit clients and to all of Ireland’s R&D performing companies, for a year filled with innovation, breakthroughs, and unparalleled success. 2024 has gotten off to a barnstorming start with exciting announcements like the €100m investment
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Finance Bill provides more details on Budget 2024 R&D Tax Credit measures (and some!)
Finance (No. 2) Bill 2023 (“the Bill”) was published yesterday, 19th October 2023, to implement the Budget 2024 taxation changes recently announced by Minister for Finance Michael McGrath. As expected, the Bill contains further details relating to the positive changes to the R&D Tax Credit announced on Budget Day, namely the increase in the rate
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Budget 2024 – R&D Tax Credit increased to 30%
Finance Minister Michael McGrath today announced as part of Budget 2024 that the R&D Tax Credit rate in Ireland is to increase from 25% to 30%. In other positive news for R&D performing companies, Minister McGrath confirmed that the first instalment payment threshold is to increase from €25,000 to €50,000. This means that the amount
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Revenue Publish new Operational Guidance for R&D Tax Credit Claims
Earlier today, Revenue published new operational guidance for R&D Tax Credit claims being made under the new sections introduced by Finance Act 2022 i.e. S766C, S766D, S766(4D) and S766A(4C). This is essential reading for anyone submitting 2022 R&D Tax Credit claims under the new S766C/S766D and/or accelerating instalments from prior years under S766(4D)/S766A(4C). If you
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Revenue Update R&D Tax Credit Guidelines
The Revenue Commissioners have published updates to Part 29-02-03 of their Tax and Duty Manual (aka the R&D Tax Credit Guidelines). This is primarily to incorporate the changes to the R&D Tax Credit introduced by Finance Act 2022 (“FA22”). FA22 made significant changes to the R&D Tax Credit as detailed in previous posts here, here
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Specified Return now available for making R&D Tax Credit claims under new rules
The Specified Return required to make your 2022 R&D Tax Credit claim under the new rules introduced by Finance Act 2022 is now available on the Revenue Commissioners website ( www.revenue.ie ). A copy can also be downloaded below. When making your claim, the Specified Return should be submitted to the Revenue Commissioners via MyEnquiries.
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The R&D Tax Credit – Finance Act 2022 Updates
This article originally appeared in Issue 4 of Chartered Accountants Ireland’s tax.point magazine and is reproduced here with their kind permission This month, Eoin Brennan of SciMet R&D takes us through the significant changes to the R&D Tax Credit introduced by Finance Act 2022. The Research and Development (R&D) Tax Credit is a core element
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5 Reasons To Submit Your R&D Tax Credit Claim Early in 2023
Early preparation of R&D Tax Credit claims has always been considered best practice. It allows for a robust evaluation of project eligibility and the R&D expenditure to be optimised. Capturing documentation to support the claim is made easier the closer this is done to when the R&D is carried out. For these reasons, more and
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