Irish companies have twelve months from the end of their financial year to claim R&D Tax Credits (RDTC). So companies with, for example, a year-end of 31 May, have just over a month to submit an amended CT1 for the year ending 31 May 2023, including details of the RDTC claim for that same period.

However, it is much better to submit RDTC claims with the CT1 that is due within nine months of the year-end. This is cleaner, more efficient, and less costly. In addition, submitting the RDTC generally makes preparing the R&D Tax Credit report more efficient. It’s better to prepare the claim numbers and report when the R&D activities are fresher in the minds of those performing them and also for the accountant.

Preparation:

For companies with a year-end of 31 December and intending to submit their RDTC claim with the CT1 in September, now is the time to start planning the RDTC claim. With the 2024 R&D Tax Credit increasing to 30% (from 25% currently), this year provides an opportunity to get a robust RDTC system in place.