R & D Tax Credit Claim

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mickeyg

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Can an R & D Claim be made directly to Revenue by a company employee or does it have to go through a firm of independent accountants??
 
I'm a tad confused by your question. There's no such thing as an R & D Tax Credit claim per se, as the Credit can only be claimed on a Corporation Tax CT1 return. Anyone who is duly authorised by a company can complete and file a CT1 for that company.
 
Tommy, sorry for confusion and thanks for the swift reply. Maybe I mistakenly presumed that the detailed calculations backing up the R & D claim were submitted to Revenue as part of the claim. So in reality
I "only" have to convince the auditors of the veracity of the amount of the claim - on the basis that they (auditors) are the ones filing the CT1??
 
The auditors will have to opine as to the truth and fairness of the calculation as part of signing off on the Financial Statements. And so if they are doing their job right they will want to obtain and understand the detailed calculation behind the claim.
 
Hang on a second. The auditors will only be interested in the R&D claim if they reckon it's material from the POV of the audit (or of the tax comp).

Auditors don't prepare tax computations, but wearing their other hat as accountants/advisors often undertake this function.

R&D Claims stand a high chance of being audited by the Irish Revenue.
 
mickeyg said:
Tommy, sorry for confusion and thanks for the swift reply. Maybe I mistakenly presumed that the detailed calculations backing up the R & D claim were submitted to Revenue as part of the claim. So in reality
I "only" have to convince the auditors of the veracity of the amount of the claim - on the basis that they (auditors) are the ones filing the CT1??
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(Well over 90% of Irish companies are audit-exempt, so auditors opinions don't apply in the vast majority of cases.)

Whoever prepares the computations and files the return will obviously have to keep detailed records both for basic record keeping purposes including facilitating statutory audit if applicable and also for the purposes of any Revenue intervention.
 
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All depends on scope of audit - is it a financial statement audit or an internal audit of, say tax related processes or r n d related processes.

In any case if its in scope (sounds like it is) and auds want to look at it (sounds like they do) then it well within their remit to take as detailed a look at it as they like. Why wouldnt you want them to review it?!
 
jim said:
All depends on scope of audit - is it a financial statement audit or an internal audit of, say tax related processes or r n d related processes.

In any case if its in scope (sounds like it is) and auds want to look at it (sounds like they do) then it well within their remit to take as detailed a look at it as they like. Why wouldnt you want them to review it?!
Click to expand...
But that's totally irrelevant to his question which was
Can an R & D Claim be made directly to Revenue by a company employee or does it have to go through a firm of independent accountants??
Click to expand...
 
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mickeyg said:
Tommy, sorry for confusion and thanks for the swift reply. Maybe I mistakenly presumed that the detailed calculations backing up the R & D claim were submitted to Revenue as part of the claim. So in reality
I "only" have to convince the auditors of the veracity of the amount of the claim - on the basis that they (auditors) are the ones filing the CT1??
Click to expand...

Confussed by mickeys last sentance here perhaps i wrongly assumed that his r n d calc was being audited..Iv gone off track from original question because of that. Sounds like it might be the revenue auditors he is referring to..
 
Btw - the R&D claim must be made within 12 months of the end of the accounting period for which the credit is claimed, I believe. This doesn't correspond with usual CT1 filing dates. The Irish Revenue have issued a standard 23-point questionnaire which they will use to judge your application if the worst happens and your claim is picked for audit - i.e. its well worth a few reads before making a claim.
 
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