Extremely low number of companies claiming what they are entitled to, Irish companies missing out on opportunity to recoup up to 35 percent of their R&D spend
TCM Funding has officially launched in Ireland, bringing specialist expertise to help companies to commercially optimise tax credits on research and development (R&D) expenditure by delivering technically robust and fully compliant, defensible claims. With up to 35 percent of qualifying R&D costs eligible for tax credits, Irish businesses now have a powerful new partner to help them navigate the process and unlock significant financial returns.
Despite the sizeable tax returns on offer, R&D incentives remain a hugely untapped resource in Ireland, largely due to low awareness and a perception that the claims process is complicated. TCM Funding aims to change that by offering tailored support to ensure both large and small companies can fully benefit from the incentives available. TCM Funding works with organisations across a wide range of sectors including construction and engineering; design and manufacturing; IT and software development; agriculture; and pharma and life sciences.
Bradley Chalmers, Group Managing Partner of parent company TCM Capital, said: “Given that only around 1 percent of Irish companies claim R&D tax credits, we see enormous potential for organisations here to benefit from these refunds, which are designed to help foster business growth and innovation. Our research shows there is a significantly low level of awareness of how to qualify for R&D tax credits and we’ve also found that many find the process daunting and complicated. Our mission is to help clients navigate the claims process and provide expert technical guidance and deliver tangible financial results. For many businesses, this can mean a rebate worth up to 35 percent of their R&D spend, which can be reinvested in the company’s own innovation and growth.”
“Around 45% of Irish enterprises operate in sectors where R&D tax credits may typically apply. Of course, we don’t expect all of those companies to qualify, but when you consider that fewer than 2000 companies claim the relief out of a total of roughly 350,000 companies in Ireland – there’s clearly a significant gap between eligibility and uptake. The majority of R&D tax credit value in Ireland is driven by large companies, indicating a meaningful opportunity for SMEs to reclaim a portion of their annual investment in innovation”.
TCM Funding is a wholly-owned subsidiary of London-based TCM Capital, an R&D Tax Credits and Capital Allowances advisory firm that focuses exclusively on innovation incentives and capital-based reliefs. In the UK, one of the most mature and scrutinised R&D markets globally, the company has built a strong reputation for delivering technically robust, commercially optimised and compliant defensible claims.
UK-based client of TCM Capital, Chubb Fire & Security commented on the launch of TCM Funding in Ireland – Caroline Coward, CFO of the company says: “We’ve partnered with TCM in the UK for many years now and in that time, they have consistently delivered a professional, supportive service, enabling us to recoup a significant amount of our annual innovation investment. Now that they have launched TCM Funding in Ireland, we’re excited to work with them through our Irish entity which has operations in Dublin, Cork and Limerick. Our Chubb Ireland team are really looking forward to working with TCM Funding to produce the same positive results within the framework of the Irish R&D tax credit system.”
Trading since 2020, TCM Capital has in-depth experience in helping companies to commercially optimise tax credits on R&D expenditure. By combining technical expertise with practical support – the TCM team includes experienced engineers up to Masters and PhD level, as well as ex-big four senior chartered accountants and chartered surveyors – the firm provides a turnkey solution that makes claiming rebates straightforward and accessible.
In addition to working directly with companies, TCM Funding also provides advice on R&D tax credits to accountants, enhancing the service they offer to their own clients. In this regard, TCM Funding has established a Member Benefit partnership with the representative body Chartered Accountants Ireland (CAI). This partnership is focussed on professional collaboration with the membership group, providing education, including the hosting of a series of CPD webinars, all with the aim of raising awareness in relation to the R&D tax credit scheme for Irish businesses and their advisers.
Jack Avery, Head of Ireland, TCM Funding, explained: “Our partnership with CAI is unique and allows us to demonstrate to Irish chartered accountants the expertise that we have built up in the R&D tax credits space. By partnering with TCM, accountants can offer specialist R&D tax relief expertise to their clients across Ireland without adding pressure to their own teams. Our engineers and accountants handle the entire claims process end to end, typically requiring only a few hours of client time. This allows accountants to strengthen their advisory offering by harnessing TCM’s specialised expertise and thus, delivering measurable extra value to their clients, unlocking significant tax benefits, all while saving time and ensuring every claim is robust, compliant, and audit ready.”
The launch of TCM Funding comes at a time when Irish businesses are under increasing pressure to innovate and remain competitive. By unlocking the full potential of R&D tax credit scheme, TCM Funding is poised to play a key role in supporting Ireland’s innovation economy.
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