What costs can be claimed?

We are undertaking R&D activities, what costs can we claim? 

Once qualifying R&D activities have been identified, the costs incurred in carrying on the activities are gathered and treated in accordance with the relevant legislation. The below is a non-exhaustive list of the type of costs you might expect to see in an R&D Tax Credit claim:

  • Staff Costs
  • Materials and other direct costs
  • Plant and Machinery e.g. equipment
  • Subcontracting to third parties/universities
  • Indirect costs such as overheads incurred in the carrying on of the qualifying R&D Activities

Your R&D Tax Credit is calculated at 25% of the eligible expenditure on R&D. The Tax Credit is claimed on the company’s corporation tax return or by filing a letter of amendment. Your R&D Tax Credit claim must be made within 12 months of the end of the accounting period in which the expenditure is incurred.

If your company was undertaking qualifying R&D activities in 2003, there may be a requirement to adjust the amount included in your R&D Tax Credit claim. It was announced in Budget 2015 that no adjustment will be required in respect of 2003 activities/expenditure from 2015. This completes the transformation of the Irish R&D Tax Credit from an incremental to a volume-based scheme.

 

About Us

SciMet R&D is the leading, Irish owned, independent R&D Tax Credit consultancy. The company was founded on a simple principle – to consistently deliver exceptional service and value to R&D performing companies in claiming their full and proper R&D Tax Credit entitlement.

We achieve this by delivering the perfect blend of science, technology, tax and accounting expertise. The R&D Tax Credit is unique in that it combines a science test with an accounting test. SciMet R&D is unique in the Irish market in the value we bring to our clients in meeting both tests.

At SciMet R&D we are truly passionate about science and technology. It motivates us to be able to play a part in the exciting research and development being carried out by our clients.  Our tailor-made R&D Tax Credit services deliver efficiencies, robustness and cost effectiveness that facilitate our clients in doing what they do best – innovate.

Our Address:
Guinness Enterprise Center
Taylor's Lane, Dublin 8, IrelandGuinness Enterprise Centre