Why Should Irish businesses Use The Tax Cloud Portal For Their R&D Tax Relief Claim?
Working your way through an R&D tax relief claim can be a real headache. It’s often time consuming, fiddly and there’s plenty of chances to make a mistake along the way - mistakes which can cost you dearly.
At Tax Cloud we deal solely with R&D Tax Credits. It’s what we do all day every day, and we’re proud to be experts in our field. Working alongside company directors, executives and business accountants, we understand the intricacies of the claims process and will guide you through your application to offer the very best chance of success.
Tax Cloud was developed by Myriad Associates to provide a handy, guided, cost-effective online tool to make claiming R&D Tax Credits a breeze. There are separate sections for businesses and accountants guaranteeing a seamless service that’s tailored to your needs.
But what exactly is R&D Tax Credit?
The Research and Development (R&D) tax relief scheme is administered by the Revenue and is open to any Irish company that is undergoing eligible research and development activities within Ireland or the European Economic Area. Relevant R&D expenditure is subject to a 25% tax credit which businesses can use against their liability for Corporation Tax, over and above a tax deduction of 12.5%. This essentially means that businesses engaging in eligible activities can claim a rebate from the Revenue of €37.50 for every €100 worth of R&D expenditure. It effectively cuts down the true cost of R&D by as much as 37.5%.
The tax credit is designed to be used against the current year’s Corporation Tax liability or it can be used for the previous one. R&D Tax Credit claims must be submitted within one year from when the accounting period finished during which the R&D work took place.
R&D tax relief can also come about as a cash refund. If an organisation does not have a tax liability in the current or prior tax year, it can receive the tax credits in three instalments paid equally across a three-year cycle. Alternatively, tax credits can be offset against next year’s tax liabilities.
How is R&D Tax Credit claimed?
Companies should use the Revenue Online Service (ROS) to make a claim on their Corporation Tax return. R&D Tax Credit needs to be claimed under Section 766 (qualifying activities) inside one year from the end of the accounting period in which the expenditure has occurred. However, this time limit does not apply to money spent on structures and buildings (Section 766A).
So why use Tax Cloud?
We specially developed the Tax Cloud portal to save you time, money and hassle. It’s constantly refreshed and evolving - just like your business. Plus, not only is it incredibly accurate, it’s easy to use too. It offers:
Real-time expert support
Unlike similar portals, our team of R&D tax specialists are on hand to offer advice at every stage of the application process.
Tax Cloud works with Xero, making it very quick and easy to prepare your claim if Xero integration is used.
Plus, for accountants Tax Cloud offers:
We will train you to spot when your client’s R&D work may be suitable for a tax relief claim as well as show you how to use Tax Cloud effectively.
The chance to grow your practice
Tax Cloud can add value to existing clients by allowing you to offer a professional R&D tax claim. It’s another string to your bow, and is attractive to new clients too.
How does Tax Cloud work for businesses?
For companies looking to submit their own R&D tax relief claim there are four easy steps:
Step 1. Sign up For Free. It’s very quick and easy. Simply enter your company name and we will verify your details automatically.
Step 2. Describe the R&D that has been undertaken and enter the costs
Step 3. Get your claim reviewed by Myriad’s expert team. We’ll also provide feedback and make any recommendations.
Step 4. Download your finished R&D application report. Tax Cloud will take your project narrative and figures and create your claim report. We will then submit this report to Revenue Commissioners on your behalf and if there are any questions we will deal with them for you.
And for accountants?
If you’re an accountant working for a business client, we offer two packages for you: the Partner package and the Introducer package.
The Partner package starts off with some free training to allow you to use Tax Cloud on behalf of your client. The details and technical information are then added into the portal while you work on the aspects and costings. Next, Tax Cloud's team of R&D experts will review, offer advice and approve each stage of the application process. The portal will then create an R&D tax claim report ready for submission to Revenue Commissioners and we will manage the claim for you post-submission too - you then claim your 50% revenue share fee.
Looking to sign your clients up directly with Tax Cloud? Then choose our Introducer package.
With this package, our R&D specialists will steer your client through their R&D tax credits application whilst Tax Cloud generates the R&D tax credit claim report. All you need to do is sit back and claim your 15% referral fee - it really is as easy as that.
Want to know more about any aspect of R&D tax relief? Get in touch
Whether you’re brand new to the world of R&D Tax Credit claims or you’ve been working alongside us for years, we’re here to offer help and advice when you need it.
The team at Myriad Associates is made up of a comprehensive mix of highly skilled R&D professionals, including tax specialists, accountants and advisors. There’s very little we don’t know, having worked with a large number of clients across Ireland as well as the UK.
- Submitting R&D tax claims since 2001
- 100% success rate
- Over €100m claimed and counting
- Industry leading specialists
- In-house technical, costing and tax experts
- Member of the Research and Development Consultative (RDCC) committee
Meet some of the team behind Tax Cloud