Tax Cloud launches in Ireland
Tax Cloud IE launched in Ireland last month to help Irish businesses benefit from the Revenue’s R&D tax credit entitlement.
The platform is ideal for Irish businesses who would like to claim R&D tax credits with expert guidance, thus ensuring claims are secured and maximised.
How does Tax Cloud work?
The online R&D tax credit portal works as follows:
- Businesses sign up to Tax Cloud and describe their R&D projects, activities and add their costs into the system
- A specialist R&D tax advisor from Myriad Associates will review the information provided and ensure the work undertaken qualifies and that a claim will be possible under the scheme’s guidelines
- Once an advisor has approved the technical aspects of the claim, costing experts will look to identify any additional spend that could be claimed under the guidelines and ensure your claim is fully maximised
- Tax Cloud then takes all the relevant information and produces a claim report which gets submitted to Revenue on your behalf. Tax Cloud also deal with any queries raised by Revenue.
- The claim is then approved by Revenue and the company receives their tax credits for their R&D.
How much does Tax Cloud cost?
There is no cost to sign up and use Tax Cloud however with each successful R&D claim made via the portal, companies will be charged 12.5% of their corporation tax savings. When compared to typical tax consultancy rates of 20-25%, using Tax Cloud means Irish businesses can now receive expert R&D advice at a much affordable rate ensuring they keep more of their claim value.
Because a lot of the manual manual processes involved with traditional R&D consultancy are replaced by the platform itself. Using Tax Cloud represents a huge cost saving and added benefit for any Irish business looking to make an R&D Tax Credit claim in 2019.
Interested in knowing more?
Simply visit www.taxcloud.ie and sign up to start your claim. Once you’ve signed up a member of the team will be in touch to discuss your R&D and guide you along the path to making your first claim.