23RD MARCH, 2021

Top 10 Most Common Questions Asked About Tax Cloud Ireland

What our clients are asking

Launched back in the summer of 2019, the Tax Cloud portal for Irish businesses was devised by the R&D tax and funding consultants at Myriad Associates. An increasingly popular and easy to use system that’s benefitted companies across Ireland already, there are still some common questions we find popping up time and again.

So to make things easier, the Tax Cloud Ireland team has put together a list of the top 10 things our clients want to know.
 

1. What is the Tax Cloud portal?

The Tax Cloud portal is a simple, hassle-free way of completing an R&D Tax Credits claim that stands up to Revenue scrutiny. The process of applying for this highly generous tax incentive is complex, with many potholes to fall down along the way. However, by using the Tax Cloud you’re effectively breaking down your application into a series of easy steps, under the watchful guidance of our expert team.

2. Who can use it?

Like the R&D Tax Credits scheme itself, the Tax Cloud portal is open to any company based in the Republic of Ireland that has undertaken eligible research and development work. Size, turnover and industry don’t matter - all companies are welcome to benefit and no claim is too big or too small.

3. How does the Tax Cloud work?

The Tax Cloud portal is very straight-forward to use, even if you’ve never claimed R&D Tax Credits before. It’s entirely cloud based which means you can simply log in from any internet-connected devise and carry on with your claim at a time and place that suits you. There’s no bits of paper floating around, no face-to-face meetings with consultants and nothing to set up.

The system is made up of a series of steps which you need to follow in order to make your R&D Tax Credits application. To start off, simply sign up for free and enter in some details about your company and your project. Once this stage is done, one of our specialists will check your eligibility to make sure you definitely have a claim. After all, there’s no point in wasting time and resources on an application that won’t qualify.

After approval, it’s then a case of adding in your figures and information and compiling your technical report. Again, at each stage your application will be examined in depth by an expert in that particular area, feedback will be given where necessary, and only then will the next stage “unlock”. Once everything is complete, final checks will be made before submitting the application to Revenue on your behalf. It’s fully interactive with applicants welcome to ask any questions along the way.

4. Why should I trust the Tax Cloud portal for my R&D Tax Credit claims?

Myriad Associates, the name behind the Tax Cloud, has been in business almost two decades working solely in the field of R&D Tax Credits and funding. With bases in the UK and Dublin, our 100% success rate proves why we’re a leading R&D tax consultancy in Ireland.

All of the team’s knowledge and expertise sits behind the Tax Cloud portal and our experience is second to none. We’ll also check to see if you’ve missed off any eligible costs from your claim, so fully maximising its value. You don’t even have to pay anything up front thanks to our results only pricing, so there’s no financial risk and potentially a lot to gain.

5. What's the difference between the Tax Cloud and the full Myriad service?

The Tax Cloud portal is very hands-on. All the figures and the technical report are completed by you, whereas our full Myriad service is handled entirely by us. This is reflected particularly in the price.

There are some other differences too - see our recent blog for more.

6. Is there a section for accountants?

There is indeed!

The Tax Cloud portal is made up of two distinct areas, one for businesses and one for accountants. The section for accountants allows firms themselves to make an application on their clients’ behalf - and there’s a generous partner package on offer too.

See Taxcloud.ie/accountants for more details.

7. I’ve got an excellent company accountant already. Can't they just make an R&D Tax Credits claim for me?

They can, and some accountants do offer an R&D Tax Credits service. However many don’t, simply because they know it’s a complex, specialised area which is likely to take up a huge amount of their time. Furthermore, despite their general competency, your business accountant is unlikely to be fully aware of the minutiae of R&D Tax Credit claims. Do they know where all the pitfalls lie, what all the claimable projects and costs are, and what the latest criteria is for example? Also, should any Revenue enquiries surface, they may also not be in a position to advise you accurately. That’s why the Tax Cloud portal is so important.

8. How much could I receive?

The amount a company can claim back in R&D Tax Credits is currently up to €37.50 for every €100 of eligible R&D expenditure - generous indeed! This is comprised of a 25% credit on top of the standard 12.5% rate.

Every R&D Tax Credits claim is different and clearly the amount your company will be awarded depends on a number of factors. However, with average claims currently hovering around the €55,000 mark the award can soon mount up. Don't let your company miss out!

9. How much does it cost to use the Tax Cloud portal?

It’s free to sign up and the fee to use the portal will only be charged once a successful award has been paid out. Our pricing structure is extremely competitive and we work hard to keep our fees low. See our latest fees for using the Tax Cloud in Ireland.

10. I have a question about the Tax Cloud portal or about R&D Tax Credits in general. Where can I go?

Whether you’re brand new to the world of R&D Tax Credits or you’ve used our services to apply before, our team are here to help. All of our specialist advice is offered via video call, over the phone or via email so don’t even need to leave your home or office. Simply send us a message and we’ll get right back to you, or call us on +353 1 566 2001. Don’t forget to also browse the rest of our blog for articles on a range of Tax Cloud and R&D-related topics.

Barrie Dowsett, ACMA, GCMA
Author Barrie Dowsett, ACMA, GCMA CEO, Tax Cloud
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Myriad Associates helps businesses maximise tax credits and secure R&D grant funds. We specialise in R&D Tax Credits, Enterprise Ireland grants.

  • 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

Barrie Dowsett Barrie Dowsett ACMA CGMA Chief Executive Officer
David Farbey David Farbey MA, FISTC, FRSA Technical Consultancy Director
Lisa Waller Lisa Waller CTA, ACCA R&D Tax Manager
Lauren Olson Lauren Olson MA, MISTC Senior Technical Consultant