For tech companies, staying ahead means constant innovation – and that innovation could be worth more than you think. The Research & Development (R&D) tax credit is a powerful incentive to reward companies engaged in qualifying R&D activities. At HLB Ireland, we have worked extensively with the tech sector and understand how impactful this relief can be.

What Is the R&D Tax Credit?

The R&D tax credit provides a cash benefit of 25% of qualifying expenditures. Even better, for accounting periods starting on or after 1 January 2024, the rate increases to 30%, making investing in research and development even more worthwhile.

Eligible activities include creating new products, processes, or technologies or significantly improving existing ones. If your team solves complex challenges or innovates in new ways, your work could likely qualify.

Submit Your Claim Before the Year Ends

The deadline is fast approaching. Claims must be submitted within 12 months of your company’s year-end, and for many businesses with a December year-end, the deadline for 2023 claims is 31 December 2024.

Missing this deadline means losing out on a substantial financial benefit. There is still time, but you need to act now to ensure your claim is prepared and submitted on time.

How We Can Help

Understanding the complexities of R&D tax credits can be challenging, particularly in the fast-moving tech sector. We are here to make the process straightforward.

If you believe your business could benefit – or if you are unsure whether your activities qualify – contact Bruce Stanley, Tax Partner at HLB Ireland, today to get started. Do not let this opportunity pass you by.

Your innovation deserves recognition – let us help you secure the credit you are entitled to.