R&D Tax Credit an Innovative Opportunity Seminar - Mazars - Ireland

Over 100 small businesses attended a free seminar in Dublin this morning, hosted by the Small Firms Association, in conjunction with Mazars, on the R&D tax credit system.

Jim Coyle Sage Ireland, Patricia Callen SFA and Mark Byrne Mazars

• Small Firms urged to use R & D tax credit
• Innovation and cost-cutting essential to small business growth

Patricia Callan, Director of the Small Firms Association, commented: “As small businesses continue to adapt to a new operating environment, investment in research and development can be the difference between success and failure. Now more than ever, we are seeing member companies look to diversify and expand their offering to the market. The good news is that following extensive lobbying by the SFA, some of the costs associated with this new product/service development can be offset against tax. The level of tax credit available to businesses making an investment in this area is considerable and many are unaware of the savings available – we hope to address this knowledge gap with the event today”.

Mark Byrne, Head R&D Tax Group, Mazars stated: “The desire and drive for technological improvement has seen a requirement and need for high value high tech employment and it is in this area, with careful planning and consideration, the R&D tax credit can provide meaningful and material rewards to participants. However there is little doubt that very many companies in the SME sector are simply still not aware that they may be able to claim this valuable R&D tax credit.”

Byrne went on to say “any company that has overcome technological challenges in the course of their business activities or that has hired expert staff for specific high tech high value projects should be investigating the qualification requirements in this area carefully. A reduction in corporate tax or a cash refund may be the end reward which in the current fiscal climate is even more material than ever.”

Callan concluded “a defining feature of small businesses is the ability to quickly adapt and survive. We would encourage companies that are going through a period of change to ensure that the all of the available supports are well utilised. The Small Firms Association is constantly lobbying on behalf of small business to ensure that the environment in which they operate is conducive to enterprise and where supports are available facilitate member companies in accessing and benefiting from such supports”.

For more information please contact Mark Byrne, Head of Research & Development Tax Group Tel: 01 4496414 Email: mbyrne@mazars.ie