Revenue typically does not process refunds until after the CT1 filing date, even where the CT return is filed early. Therefore, if a company has a 31 December year end, the refund may not be processed until after 23 September of the following year. In essence, this can mean a company may not receive its R&D refund until November or December of the following year.
Revenue recently issued guidance which notes that due to the impact of Covid-19, Revenue will, subject to appropriate checks, issue R&D refunds earlier in order to assist with companies’ cashflow. Consequently, if a CT1 is filed early, Revenue may on request, process the R&D refund early which could lead to a company receiving an early refund. To learn more about the Revenue guidance click, here.
If you are in a position to file your 2019 CT return early this year to avail of the expedited payment of the R&D refund, please contact our Tax specialists who would be delighted to assist.
At EisnerAmper Ireland, our dedicated team of Tax professionals possess the knowledge and experience required to provide technical guidance and specialist advice on this and all other corporation tax and VAT related matters. We tailor our offering to your needs, ensuring you receive the best advice at the appropriate time.
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The content above is provided for general information purposes only and is not intended to provide, nor does it constitute, professional advice on any particular matter. If you would like more information or would like to discuss any of the topics raised above, please contact the author(s).