New advisory enters Irish market to help businesses capture innovation funding already available under the tax system.
Just 1% of Irish companies currently claim research and development tax credits, despite relief of up to 35% being available on qualifying expenditure.
That low level of uptake forms the backdrop to the launch of TCM Funding in Ireland, a new specialist advisory focused on helping businesses unlock the full value of the R&D tax credit scheme.
“There is a very low level of awareness around how to qualify, and many businesses perceive the process as daunting and complicated”
TCM Funding provides technical and tax expertise to support companies in preparing fully compliant, audit-ready R&D tax credit claims.
The firm says a combination of low awareness and uncertainty around eligibility has meant many companies overlook reliefs designed to support innovation and growth.
A missed opportunity for Irish firms
Bradley Chalmers, group managing partner of TCM Capital, TCM Funding’s London-based parent company, said the scale of the missed opportunity is significant.
“Given that only around 1% 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,” he said. “There is a very low level of awareness around how to qualify, and many businesses perceive the process as daunting and complicated.”
Under Ireland’s R&D tax credit regime, companies can recoup up to 35% of qualifying research and development spend through a combination of tax credits and cash refunds. TCM Funding works with businesses across construction and engineering, design and manufacturing, IT and software development, agriculture, and pharmaceuticals and life sciences.
Chalmers said successful claims can generate material returns for companies of all sizes. “For many businesses, this can mean a rebate worth up to 35% of their R&D spend, which can then be reinvested back into innovation and growth,” he said.
While around 45% of Irish enterprises operate in sectors where R&D activity is common, fewer than 2,000 companies claim the relief from an estimated total of 350,000 businesses nationwide. The value of claims is heavily concentrated among large firms, pointing to what TCM Funding describes as a clear opportunity for SMEs.
TCM Funding is a wholly owned subsidiary of TCM Capital, which has operated in the UK since 2020. The UK is regarded as one of the most mature and closely scrutinised R&D tax credit markets, and the group has built its reputation on delivering technically robust and defensible claims.
The firm’s team includes engineers qualified to masters and PhD level alongside former Big Four senior chartered accountants and chartered surveyors. It offers a turnkey service, typically requiring only limited time input from client management teams.
Chubb Fire & Security, a long-standing UK client of TCM Capital, has welcomed the launch of TCM Funding in Ireland.
Caroline Coward, CFO at Chubb Fire & Security, said the company plans to work with TCM Funding through its Irish operations.
“We have partnered with TCM in the UK for many years and they have consistently delivered a professional, supportive service, enabling us to recoup a significant amount of our annual innovation investment,” she said. “We are looking forward to working with TCM Funding to deliver similar outcomes for our teams in Dublin, Cork and Limerick.”
Alongside direct work with companies, TCM Funding also supports the professional services market. The firm has established a member benefit partnership with Chartered Accountants Ireland, focused on education and collaboration, including a programme of CPD webinars aimed at improving understanding of the R&D tax credit scheme.
Jack Avery, head of Ireland at TCM Funding, said the partnership allows accountants to extend specialist capability to clients without increasing internal workload.
“By partnering with TCM, accountants can offer specialist R&D tax relief expertise without adding pressure to their own teams,” he said. “Our engineers and accountants manage the full claims process end to end, while ensuring every claim is compliant and audit ready.”
As Irish businesses continue to invest in innovation to remain competitive, TCM Funding says increasing awareness and access to existing R&D supports will be central to helping firms capture funding that is already available to them.
Top image: Jack Avery, Head of Ireland, and Bradley Chalmers, Group Managing Partner, TCM Funding
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