Do I Have To Use A Local R&D Tax Credits Advisor, Or Can They Be Based Anywhere?

Although it may be tempting to ‘go it alone’ when it comes to your R&D Tax Credits application, this is very rarely the best way forward. There can be literally thousands of Euros at stake and it’s a process that’s often not straightforward. If you need legal advice you go to a lawyer, for medical advice it’s a doctor. For R&D tax credits you need a team of R&D tax credit specialists.

There are a number of R&D tax credit consultancies across Ireland, and you don’t necessarily have to use one local to your business. The one you choose is essentially down to your preferences, but the one big benefit of being local is they’re on hand if you need any face to face assistance. Some companies like this approach, whereas others are much more hands off. Some like to work with their R&D tax credit specialists over the phone or email and some prefer self-service options like our Tax Cloud portal.

Whichever option you go for, local or further away, it’s important to opt for an R&D tax credit consultancy that suits you and your company. Quality and service can vary, and it’s essential you choose the right one to give yourself the best chance of success.

Benefits of choosing an R&D tax credit consultancy in the Republic of Ireland

Research and development (R&D) Tax Credits are an incentive offered by the government to encourage companies to engage in innovative activities. It allows companies to receive up to 25% of their R&D expenditure back (both revenue and capital), either as a cash lump sum or as a tax credit.

There’s a fair amount of criteria to be met and the onus is on businesses to not only identify their R&D expenditure but also explain why this expenditure should qualify. Once an application has been submitted to the Revenue, inspectors will go through all the details with a fine tooth comb. Any inaccuracies or mistakes will soon be picked up, leading to further questions which the applicant will need to answer. If the Revenue still isn’t satisfied then it could launch a lengthy, stressful and expensive enquiry into the company’s wider tax affairs. This means that many applicants for R&D tax credits find it useful to use a local advisory team so they can drop in and gain advice when required. It’s particularly useful if you have any questions or worries, especially regarding feedback from the Revenue.

Putting a face to a name

Another benefit of using an R&D tax credit firm that’s close by is the fact that a rapport can be built up between yourself and your advisor. At Myriad Associates we appreciate the chance to get to know our clients face to face where possible. Your company is unique, deserving a bespoke service to match. It’s important to feel like you’re not just a number and if you require any help with the eligibility assessment process specifically your adviser should recognise this. They should then tailor make their services to fit around you and allocate enough time to deal with your case effectively.

Some of our clients also don’t need a full to end to end service. Many just need to ask a question or are already part way through their application and have hit a stumbling block. Others have been approached by the Revenue or are concerned about a Revenue investigation. With this in mind, we offer a range of services and will focus only on what you need. Avoid anywhere that simply wants to charge a one-off fee for a basic or standardised service.

Myriad Associates is based in Dublin

Our specialist team of R&D tax specialists and accountants are also based right here in Ireland, in Dublin. We know what a fantastic part of the world this is to do business in, and care about the growing local economy. Additionally, we have a very high level of knowledge specifically around what the Irish Revenue is looking for, and how best to meet their criteria. This knowledge shouldn’t be underestimated and gives you a much better chance of a successful, maximised claim.

What else should I look out for in a local R&D tax credit consultancy?

Many consultancies won’t process your claim in-house, instead opting to use external contractors or processing teams based elsewhere. Such teams are likely to chop and change, leading to limited time spent working with you. Besides, without that continuity how can you be sure your claim is optimised?

Meeting face to face helps your advisor to understand your business, build trust and strengthen communication. All of these are important components when putting together an R&D tax credit claim.

What industry experience do they have and what is their success rate?

It’s very worthwhile ascertaining what specific industry experience your R&D tax credit consultancy has. The most highly experienced ones in your field will better understand and communicate the advances your R&D project has made. With particularly technical work, or if you work in a very niche industry, this becomes all the more important. Technical and/or scientific jargon is also likely to form part of your application and again it’s very helpful if your advisor is familiar with it, allowing them to ‘translate’ this lingo more accurately.

At Myriad Associates we have a 100% success rate which many other firms would struggle to match. Over our two decades in business we've helped thousands of companies in a huge range of sectors gain the R&D tax credit they deserve - right across Ireland and the UK too.

Will you be tied into a very long or inflexible contract?

The kind of service you need and the requirements you have for your R&D tax credit claim will likely change over time. The consultancy you choose should be willing to adapt and accommodate your evolving needs, and their contract should match this. Be careful not to pay for services you don’t need!

Contact us

If you would like to discuss any aspects of R&D tax credits we’re here to help. Contact our expert team on +353 1 566 2001 or use our contact form - we’re waiting to hear from you.