CPDStore Ireland

This course will provide practical guidance on how to prepare and optimise capital allowances claims for capital projects such as developments and fitouts. This is relevant to accountants in practice whose clients have carried out capital projects in recent years and also to relevant industry accountants.

Where applicable, capital allowances can provide a tax compliant way to minimise tax liability, yet these claims are often not made at all, or are not maximised.

Philip is a leading industry expert in capital allowances advisory and will present a step-by step process showing how to make these claims; common pitfalls; why claims are not maximised; the value of these claims; and how to minimise the tax risk. Case studies will be used to demonstrate these points.

Philip O’Connor covers the following topics during this course: 

• Overview of capital allowances for capital projects and property purchases and the level of tax relief potentially available
• Relevant case law, legislation and Revenue guidance relating to claims
• Step-by-step process for preparing such claims
• Case study examples of capital allowances claims
• Common pitfalls and how to prepare successful claims

Eoin Brennan: 

The Research and Development (“R&D”) Tax Credit is a very valuable tax incentive, potentially reducing the cost of a company’s R&D by up to 30%. It can be received as a payable credit and is therefore an important source of funding for innovative companies. Companies may not be aware of the R&D Tax Credit and therefore accountants have an opportunity to strengthen their client relationships by bringing it to their clients’ attention and assisting them with the claim process.

The tax credit is available to companies of all sizes and in any industry sector provided the necessary conditions are met. These conditions include a Science Test (i.e. does the project meet the definition of R&D activities) and an Accounting Test (i.e. has only qualifying expenditure been included and has it been treated in accordance with the legislation). The combination of the Science Test and Accounting Test along with the close scrutiny of claims by Revenue means that a robust claim process needs to be put in place and that any claims selected for audit are properly supported. In this webinar we will look at claim preparation and supporting the claim through a Revenue Audit. 

The last couple of Finance Acts have made some of the most significant changes to the tax credit since it was first introduced in 2004. The webinar will include an update on these new rules.

The following topics are covered during this course:

• Background to the R&D Tax Credit (history, latest stats)
• Preparing a claim – Science Test (what projects qualify, what are the important qualifying criteria, what supporting documentation must be maintained)
• Preparing a claim – Accounting Test (what costs qualify, how is each cost heading treated, what specific rules apply to certain costs e.g. subcontractor notification requirements)
• Revenue Audits – (What are the types of audits and Revenue Interventions, What can be expected during an audit, Closing out an audit, Update on a recent tax case)
• Recent Updates – (What changes have been introduced in recent Finance Acts and when do these become operational)