If your company is in the manufacturing or engineering industry and you've introduced new or improved products or manufacturing processes, then there is a strong chance that you could benefit from an R&D Tax Credit claim.
Here are some common examples of product and process development projects that may qualify for R&D tax relief
- innovative product development using computer aided design tools;
- development of second generation or improved products;
- tooling and equipment fixture design and development;
- developing unique computer numerical control programs;
- designing innovative programmable logic controllers;
- designing innovative manufacturing equipment;
- prototyping and three-dimensional solid modelling;
- development of computer models;
- designing and developing cost-effective and innovative operational processes;
- integrating new materials to improve product performance and manufacturing processes;
- evaluating and determining the most efficient flow of material;
- designing and evaluating process alternatives;
- designing, constructing, and testing product prototypes;
- increasing ease of operation or suitability of manufactured products;
- developing processes that would meet increasing regulatory requirements; or,
- streamlining manufacturing processes through automation.
You can claim relief on 25% of qualifying expenses. The main areas of costs that can be claimed are:
- staff (salaries, company pension contributions, employer's Pay-Related Social Insurance [PRSI], bonus payments, and health insurance);
- agency workers (externally provided workers);
- individual consultants; and,
- materials used in R&D or prototyping.
At RDA we have the experts to help you handle your R&D claim from start to finish.
Call George Skelton at 0539170507 or email gskelton@rda.ie