Tech Firms Encouraged to Leverage Enhanced R&D Tax Credits Before Year-End

HLB Ireland, an accountancy, tax and advisory firm, has highlighted significant opportunities for the tech sector under the R&D tax credit scheme. Bruce Stanley, Tax Partner at HLB Ireland, points to the latest data showing a substantial increase in R&D investments, with total R&D expenditure reaching €4.688 billion or 4,688 companies in 2022. This reflects robust engagement from tech companies.

“The R&D tax credit is a useful incentive for businesses to invest in innovative projects,” says Bruce. With 588 tech companies claiming €135 million in 2022, the sector stands out as a beneficiary of this scheme, particularly in driving advancements in Information & Communication.

As the December 31 deadline approaches, HLB Ireland urges tech companies to take advantage of these benefits. “This is a prime time to leverage the R&D tax credit,” Bruce adds. “Especially as the tech sector continues to show dynamic growth and innovation, contributing significantly to Ireland’s economy.”

HLB Ireland assists tech companies in navigating the complexities of claiming R&D tax credits. For more information or to make a claim, please contact Bruce Stanley, Tax Partner HLB Ireland bstanley@hlb.ie.