He explains how, despite the number of successful R&D claims increasing in the past few years, there are still organisations that are undertaking qualifying activity that are not claiming. Since Ireland has an attractive scheme compared to other countries, Peter discusses why eligible businesses should be taking full advantage and how they can go about doing so.
He says: “The R&D tax credit is worth 25 per cent of the company’s qualifying R&D expenditure. This can be used to reduce the company’s corporation tax bill, or claimed as a cash refund where the credit exceeds the company’s liability for the current and preceding period, subject to some restrictions…In addition, the Irish scheme allows, under certain conditions, a company to transfer part of its R&D tax credit to key R&D personnel to reduce their personal income tax liability.”
Read the full article on Insider Ireland.