On Friday 10th January 2025, the Revenue Commissioners (Revenue) published ebrief No. 009/25, updating the R&D Tax Credit Guidelines (i.e. Part 29-02-03 of the Tax & Duty Manual). The update relates to the first instalment amount due under S766C and S766D TCA 1997. When these sections were introduced in Finance Act (FA) 2022, the first […]
January 2025 Update to R&D Tax Credit Guidelines Read More »
As part of his Budget 2025 speech on 1st October 2024, Minister for Finance, Jack Chambers announced that the amount receivable as a first instalment of the R&D Tax Credit will be changed to the greater of a) €75,000 or b) 50% of the R&D Tax Credit amount. Based on 2022 claims (the most recent
For accounting periods commencing on or after 1 January 2024, certain companies must notify the Revenue Commissioner of their intention to file a R&D Tax Credit claim. The notification must be submitted at least 90 days before making the claim. This pre-filing notification applies to companies claiming the tax credit for the first time and to
In the August 2024 edition of Tax.Point magazine from Chartered Accountants Ireland, I take a look at recent changes in the R&D Tax Credit legislation that are now operational and other R&D Tax Credit news. With the kind permission of Chartered Accountants Ireland, the full article is available for download below. Click To Download Article
The R&D Tax Credit – Key updates and Essential insights Read More »
Analysis of important Tax Appeal case in which the Science Test aspect of the R&D Tax Credit was the focus
R&D Tax Credit Update – Science Test Under the Microscope Read More »
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
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
Finance Bill provides more details on Budget 2024 R&D Tax Credit measures (and some!) Read More »
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
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
Revenue Publish new Operational Guidance for R&D Tax Credit Claims Read More »
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