Revenue has provided the Institute with an update on R&D tax credit claims for 2022 and 2023 including some matters to be mindful of when completing the R&D panels in the 2023 Form CT1. Revenue is prioritising the finalisation of CT1 2022 claims and will progress to 2023 claims as soon as possible. The note includes a broad summary of the main errors identified regarding the completion of the R&D panels. Revenue advises agents and taxpayers to review their 2023 R&D claims submitted to date and to make any necessary corrections to the R&D panels within the 12-month time limit as the onus is on the taxpayer to ensure a valid claim is made within that time-limit.
Revenue also advises that it is to release an IT update to the Self-Assessment Notice to reflect the R&D cash refund at a later date.