The Revenue has issued a new practice note indicating that it will not challenge R&D tax credit claims from SMEs valued under the science test where the claim relates to projects supported by IDA or Enterprise Ireland grants and the value is less than €50,000.
The practice note indicates that the this will reduce Revenue’s need to engage experts to perform such verification it also gives claimants certainty if a claim is audited removing the need for independent verification that the claim meets the definition of R&D as defined by the OECD.
The practice note is available here or below:
29-02-07Photo credit: https://www.flickr.com/photos/snorrtttfrenzy/4315844941