What Makes Tax Cloud Different From The Full Myriad Service?
Did you know there’s a government-backed tax incentive scheme that actually pays you for research and development? Whether your company has created a brand new product, process or service from scratch, or has appreciably upgraded an existing one, there’s help available with the costs. It’s a lucrative scheme too, offering a 25% tax credit on eligible R&D expenditure, to be used against Corporation Tax. The good news also is that it’s offered as an extra bolt on to the usual tax deduction of 12.5%. This means that eligible projects can attract a refund from Revenue of €37.50 per €100 of research and development expenditure.
The name of the scheme is R&D Tax Credits and it’s claimed by making an application using the Revenue Online Service (ROS).
So why would I need assistance to make a claim at all?
Although there’s a vast range of eligible projects and costs that can be covered in an R&D Tax Credits claim, compiling the application isn’t easy. This is especially the case for companies that have never claimed before, but even for those that have it’s not always straightforward.
This is because it’s not simply a case of submitting a load of figures and then sitting back to wait. Rather, the onus is on individual businesses to not only submit their calculations to Revenue, but also to prove why the work is eligible for R&D in the first place. This is done through the creation of a written narrative report, which needs to be put together in a very specific way for the best chance of success.
What is the Tax Cloud portal exactly?
The Tax Cloud portal was launched in Ireland in June last year to make it easier and quicker for Irish businesses to claim their R&D tax credit entitlement.
The platform is ideal for businesses based in Ireland who have relatively straight-forward tax affairs or who have some previous knowledge about how the application process works. It still offers expert guidance and a helping hand where needed, and of course means that claims are always totally secure and maximised.
How does the Tax Cloud portal work?
Intuitive, accurate and simple to use, the Tax Cloud portal for Irish businesses works as follows:
Firstly, businesses sign up and then enter in details about the R&D work they’ve undertaken. Information required includes what exactly money was spent on in the course of the R&D activities and how much.
Once this has been submitted, one of the specialist R&D advisors here at Myriad Associates will examine your claim in depth, and check that everything is eligible and in order. We will also make sure that the information you have provided meets exactly with Revenue guidelines.
Next, when our advisor has finished the relevant checks and approved the technical elements of your claim, it’s then down to our costing experts to identify any additional R&D spending that’s been missed off. We call this “optimising” your claim, and it’s important in making sure you don’t inadvertently miss out on money your business is owed by under-claiming.
Finally, the Tax Cloud portal uses all the information included in your application to create a claim report for submission to Revenue on your behalf. Tax Cloud can also deal with any issues that Revenue may raise, for example further information requests. Then the best bit comes! Approval by Revenue and R&D Tax Credits awarded.
What are the benefits of using the Tax Cloud portal?
There are all sorts of huge benefits to using the Tax Cloud portal for businesses in the Republic Ireland. These include:
Access online 24/7, 365 days a year
Simply log in as and when you want. You can also save your application part way through and come back to it later.
Using the Tax Cloud portal is always a less expensive option than using the traditional full service. This is because it’s down to business owners to invest their time in entering their own data and figures. However, the lower price reflects this time commitment which many businesses find helpful.
Direct access to R&D expert advisors if required
Tax Cloud is self-guided but that doesn’t mean you’re alone! The channels of communication are always open if you need advice from our team.
Peace of mind
No worries about questions from Revenue and no losing bits of paper. Everything is in one place and managed by you to make claiming much quicker and more streamlined.
How much does Tax Cloud cost?
The good news is Tax Cloud is free to sign up and we only take payment once your claim is successful. In regards to fees, companies will need to pay 12.5% of their Corporation Tax savings once the process is complete. This represents a significant cost against typical tax consultancy rates of 20-25%, making Tax Cloud portal claims extremely good value.
I want to compare the two - how does the full consultancy service from Myriad Associates differ?
The full Myriad Associates R&D Tax Credits service is a more comprehensive version of the Tax Cloud portal. Where the portal is a ‘light touch’ offering, our full service is ideal for companies that need that extra one-on-one support. This could be because they have particularly complex tax affairs for example, or because the R&D they’ve carried out is especially niche. Likewise, it may be that a company is claiming for the very first time, and therefore needs some further tailored guidance.
There’s also less for companies to do themselves in terms of inputting data if they choose to use a full service offering, saving much more time and resource.
Looking to get started?
The fact is that by choosing either the Tax Cloud portal or our full consultancy facility when making your R&D claim, our service is second to none. We have nearly two decades of experience behind us entirely in R&D Tax Credits and we’re proud of our 100% success rate. In fact, R&D Tax Credit claims submitted through Myriad Associates can deliver up to three times more value than DIY claims or those completed by more generalist accountants.
So why not sign up to the Tax Cloud portal today and kick off your application - you may well end up thousands of pounds better off.
- Submitting R&D tax claims since 2017
- Strong track record delivering R&D tax credit claims
- Over €10m claimed and counting
- Industry leading specialists
- We employ technical, costing and tax experts
- Confident of delivering value to our clients, we offer our R&D tax services on a success fee-only basis.
Meet some of the team behind Tax Cloud