How The Tax Cloud Portal Can Mean Quick Cash For Your Company During The Economic Downturn
Now more than ever, companies across Ireland are looking for ways to boost their cashflow in these tough economic times. R&D Tax Credits claimed through the Tax Cloud portal is the perfect way to do this.
R&D Tax Credits in brief
The R&D Tax Credits scheme works by offering a sizeable credit to reflect a company’s research and development costs where a technological or scientific uncertainty was addressed. Typically this would be if a company created a new product, process or service, or substantially advanced/upgraded an existing one.
The government is keen to encourage growth and innovation as a way to strengthen the economy which is what makes the scheme so valuable. Indeed, it’s open to any limited Irish company of any size in any sector, and as much as €37.50 can be claimed for every €100 worth of R&D expenditure.
The beauty of this scheme too is that successful applications are turned around quickly, usually within 28 days. You can find out more about how to apply, who is eligible and what an application involves on our R&D Tax Credits page.
What is the Tax Cloud portal?
The Tax Cloud portal is a quick, simple, great value way to work out how much your company can claim. It then guides you through the application process, allowing you to enter in your own figures and give details of your company’s R&D project in an accurate, concise way. It also helps you to identify eligible costs that you may not have already considered, so making sure you receive all the credit you’re entitled to.
Tax Cloud was created especially for this purpose by the R&D tax experts at Myriad UK. Our Dublin and UK-based teams are made up of R&D tax consultants, specialists and accountants who are on hand at every stage to support you. Plus we will check your claim with a fine tooth comb before it’s sent off to Revenue. More information about the Tax Cloud and how to get in touch are at the bottom of this page.
So what can companies use their new-found cash for? Well, anything basically! However, we’ve in our experience most businesses tend to do the following:
Reinvest it into another innovative R&D project
Innovative R&D projects are essential for a company to survive and thrive long term. Once a work is complete and the credit has been applied, we’ve found many organisations then decide to begin a new one. Some will again create a new product where last time they designed a process for example, whilst others may look to add new and exciting upgrades to something either themselves or another company have already marketed.
Pay off debt
Most companies have debt in some form or another, either due to supplier payments, loans, rent or credit for something else. In these difficult times of COVID-19, many businesses are slipping into debt just to survive when they were forced to close during lockdown or stayed open but with vastly reduced revenues.
Employ more staff, including subcontractors and freelancers
Projects need staff - sometimes permanent, sometimes temporary and sometimes just casual. This means that companies not only have to bear the cost of actually paying them, but also of hiring and training.
Pay dividends and wages
Any money received back through the R&D Tax Credits scheme can also be spent on paying salaries and other financial commitments like overtime and expenses. Some companies also decide to pay director dividends, or in offering cash incentives and bonuses to staff.
Move to another site
Large R&D projects may mean a company needs to either move to a bigger site or take on one (or more) additional sites. Often this is because specialist manufacturing facilities are required, or because it needs more space. Cash generated from R&D Tax Credits can go a long way in facilitating this.
Improve the company's online presence
Nowadays people expect a company to have a strong online presence. Apps are becoming the norm, and websites must be easy to use for the customer. They need to entice the customer in, to raise brand awareness and act as your virtual shop front. Costs involved in design, testing and launching such technologies can be pricey, especially if you don’t already have the expertise in-house. Again, this is where R&D Tax Credit money can prove incredibly useful.
Why is it so important to work with R&D tax specialists?
R&D Tax Credit claims need to be made within 12 months of the end of the accounting period during which the R&D work occurred - and Revenue heavily scrutinise each one.
In order to maximise your R&D claim (and avoid any unwanted Revenue attention), we recommend speaking with an R&D tax specialist to ensure you've got everything covered. During our time in business, we’ve also found it’s been possible to triple the claim value for businesses who normally complete their claims in house.
What else makes the Tax Cloud portal stand out from the rest?
The Tax Cloud portal is free to sign up to and offers a clear, fixed pricing structure. For claims in excess of €200k the fee is 5% and up to €200k it’s 10%. There’s also no upfront fee as we only take payment once Revenue has processed your claim.
Worried you may not be eligible after all? Don’t worry, there’s no charge! We also don’t charge if you need our help in answering any questions from Revenue Commissioners along the way. On top of that, we can prepare your amended Company Tax Return (CT1) for free as part of our claim process (not many other R&D tax consultancies offer that!)
All our services are delivered online, so there’s no need to come to our offices - great during these socially distanced times. Our specialists are also entirely dedicated to your claim, and as we deal solely in the area of R&D tax issues we’re extremely competent in our field. Additionally, there’s no minimum contract period and Tax Cloud even integrates with Xero too.
Ready to get started?Try the Tax Cloud portal for businesses today or feel free to contact us so we can call you back. Alternatively, drop us a line on +353 1 566 2001 - we’re here to help.
- 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