R&D Tax Credit Deadline

While many companies may be aware that there is an R&D tax credit regime in Ireland, we often find that companies are not aware of the time frame within which a claim under this regime must be made.

All R&D tax credit claims must be made within 12 months of the accounting year end within which any R&D related costs were incurred. Therefore, for accounting periods ending on 31st December 2016, any R&D tax credit claim must be made by the 31st December 2017. Failure to submit the claim by this date will mean that any R&D tax credits in relation to these costs will be lost.

As the R&D tax credits can be used to reduce the cost of R&D activities by 25% it is important that you make sure your company does not miss out. This 25% credit can be offset against corporation tax liabilities or can be received as a cash refund, subject to certain criteria.

Consider whether: 

• Your accounting year end is 31 December
• Your company was carrying out R&D activities in 2016

If these conditions apply to you, there are only a few weeks remaining to claim valuable R&D tax credits in relation to these activities.

We can help in identifying claims across a wide range of industries and can assist in all aspects of your claim preparation and submission. However, you need to act now to ensure that you meet the deadline.

For further information please contact Derek Henry on +353 (1) 4700 211 or Mark O’Sullivan on +353 (1) 4700 113 to discuss this matter in more detail.