Mobilising research credit and VAT credit for cash: pre-financing
The research tax credit and the VAT credit are often overlooked cash levers: immediate refund for SMEs, pre-financing of the claim, VAT credit refund. A how-to guide.
Expert note: This article was written by our chartered accountancy firm. Information is current as of 2026. For a personalised review of your situation, contact us.
Quick answer. The unused research tax credit is refunded immediately to SMEs in the EU sense, young innovative companies and new companies, instead of waiting three years. The year's research credit claim can also be pre-financed by a bank. The VAT credit is refunded via form 3519 under the normal regime, above 760 euros, or the CA12 under the simplified regime, above 150 euros. So many cash levers often under-used.
Tax credits and the VAT credit sometimes sit in the accounts as mere tax receivables, when they can be turned into cash. For a company that invests in research or bears a lot of upstream VAT, mobilising these claims changes the cash equation. Here is how to proceed, from refund to pre-financing.
The immediate refund of the research tax credit#
The research tax credit is first offset against corporate tax, but the unused balance can be refunded.
In principle, the unused research credit claim is refunded after three years. But certain companies benefit from an immediate refund (Tax Code art. 199 ter B): SMEs in the EU sense, young innovative companies, new companies under conditions and companies in difficulty. For these structures, the credit becomes a real cash resource of the year, not a frozen claim.
It is a decisive lever for a young innovative company that does not yet pay corporate tax: its credit comes back in cash, which directly finances its research. This still requires a correctly calculated and documented credit, a subject we cover in our article on the treatment of grants in the research credit base.
The pre-financing of the research credit claim#
Even before its refund, the research credit claim can be mobilised to generate cash earlier.
The current year's research credit claim, even before its final calculation and refund, can be pre-financed by a bank, for example Bpifrance. The company receives an advance on its future claim, which brings the resource closer to the moment the research expenses are incurred. Pre-financing has a cost, but it solves the cash gap specific to R&D projects, where expenses largely precede the refund of the credit.
This lever requires a reliable estimate of the claim, hence a solid technical file, as our research credit technical file template details.
The refund of the VAT credit#
The VAT credit is the other large mobilisable tax receivable, often left carried forward.
When deductible VAT exceeds collected VAT, the company has a VAT credit. Rather than carrying it forward indefinitely, it can request the refund. Under the normal regime, the request is made via form 3519, as soon as the credit exceeds 760 euros for a monthly or quarterly request. Under the simplified regime, the annual refund is obtained via the CA12 return, above 150 euros, or at the time of a half-year instalment for at least 760 euros if the credit comes from fixed assets.
| Regime | Refund method | Threshold |
|---|---|---|
| Normal | Form 3519, monthly or quarterly | 760 euros |
| Simplified, annual | CA12 return | 150 euros |
| Simplified, half-year instalment | If credit on fixed assets | 760 euros |
Requesting the refund rather than carrying the credit forward recovers cash immediately, which matters for a company that invests or starts up.
Our view#
Tax and VAT credits are cash resources too often forgotten in steering. Many companies carry a VAT credit from one month to the next, or passively wait for the refund of their research credit, when they could mobilise these claims far earlier.
Our method is to systematically list the mobilisable tax claims, request refunds as soon as they are possible, and pre-finance the research credit claim when the cash gap justifies it. Integrating these resources into the cash plan, with their dates, turns dormant claims into available cash. For an innovative or growing company, it is often a simpler and cheaper lever than additional external financing.
A common case#
A young innovative company was incurring significant research expenses but did not yet generate a profit, so paid no corporate tax. It considered its research credit a receivable to be collected one day, without drawing cash from it. The analysis showed that under its status, it could obtain the immediate refund of its credit, and pre-finance the current year's claim to bring the resource closer to the moment of the expenses. Coupled with the refund of its VAT credit on its investments, this steering freed up significant cash, without resorting to additional debt.
Frequently asked questions
Is the research tax credit refundable?+
The research credit balance not offset against corporate tax is refunded after three years in principle, but immediately for SMEs in the EU sense, young innovative companies, new companies under conditions and companies in difficulty (Tax Code art. 199 ter B).
Can you pre-finance your research credit?+
Yes. The year's research credit claim can be pre-financed by a bank, for example Bpifrance, before its refund. The company receives an advance, which brings the resource closer to the moment the research expenses are incurred.
How do you get a VAT credit refunded?+
Under the normal regime, via form 3519 as soon as the credit exceeds 760 euros, monthly or quarterly. Under the simplified regime, via the CA12 above 150 euros per year, or at a half-year instalment for at least 760 euros if the credit comes from fixed assets.
Is it better to carry forward or request the VAT credit refund?+
Requesting the refund recovers cash immediately, whereas carrying it forward leaves the credit dormant. For a company that invests or starts up, the refund is generally preferable, subject to the applicable thresholds.
Which tax credits are mobilisable?+
Mainly the research tax credit, but also other tax credits depending on the activity. The point is to list them, request their refund when possible, and integrate them into the cash plan.
Does pre-financing the research credit have a cost?+
Yes, like any financing, pre-financing the claim has a cost. But it solves the cash gap specific to research projects, where expenses largely precede the refund of the tax credit.
Key takeaways#
- The unused research credit is refunded immediately to SMEs, young innovative companies, new companies and those in difficulty (Tax Code art. 199 ter B).
- The year's research credit claim can be pre-financed by a bank before refund.
- The VAT credit is refunded via form 3519 (normal regime, above 760 euros) or the CA12 (simplified regime, above 150 euros).
- Requesting the VAT credit refund recovers cash immediately, instead of carrying it forward.
- These levers require correctly calculated and documented claims.
- Integrated into the cash plan, they turn dormant claims into available cash.
Article written by the Hayot Expertise firm, registered with the Order of Chartered Accountants of Ile-de-France. Updated for 2026. This article is for information purposes and does not replace an analysis of your own situation.
Article written by Samuel HAYOT
Chartered Accountant, registered with the Institute of Chartered Accountants.
Regulated French accounting and audit firm based in Paris 8, built to support companies across France with a digital and decision-oriented approach.
Sources
Official and operational sources cited for this page.
This topic is part of our service Tax accountant in Paris | CIT, VAT & tax audits
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