When claiming the R&D tax credit, it is vital that companies ensure they can satisfy two essential tests, the accounting test and the science test, maintaining appropriate documentation to support both. However, as this is not always straightforward, KPMG has produced K-Doc, a tool designed to record R&D activities as they happen. Based on a comprehensive review of current Irish and international legislation and guidance, undertaken by KPMG’s engineers and tax professionals, K-Doc enables a company to contemporaneously document R&D activities while ensuring the information captured satisfies the requirements set out in Irish legislation and Revenue guidelines.
The K-Doc suite addresses three key elements of R&D activities: planning; monitoring progress; and tracking the resources utilised during R&D activities. It can significantly reduce the time and effort required to prepare a claim, while helping companies satisfy the documentation requirements set out by Revenue.
K-Doc is a bespoke system tailored for each client; please contact us for further information.