Intellectual Property – R&D Tax Credit Revenue Update

Research & Development Tax Crowe Horwath Ireland

Revenue have recently issued a number of updates in relation to the Research and Development tax credit regime.

An external expert may be engaged by Revenue in the relevant field of science or technology when reviewing R&D claims. Each January, Revenue publishes a request for applications from independent experts to form a panel for the coming year.

Revenue are now accepting applications from experts for 2017. The expert’s role is to give an independent opinion on whether or not the activities of the company are qualifying R&D. Further information can be found on Revenue’s website.

Revenue have also confirmed that with a view on minimising the necessity to engage experts to verify the science test in R&D tax credit claims, they would not seek to challenge a claim for the credit under the science test where:

  • an IDA/Enterprise Ireland R&D grant has been approved in respect of the R&D project
  • the company is a micro or small sized enterprise
  • the project is undertaken in a prescribed field of science or technology
  • the R&D tax credit claimed for an accounting period (of not less than 12 months) is €50,000 or less

We feel this is good news for our clients in the small and medium-sized enterprise sector as it may relieve some of the burden for them in relation to the preparation of the paperwork required to support a claim.

For further information regarding the services we can provide in relation to your company’s Intellectual Property, please visit our our website.