R&D Tax Credits in the FinTech Sector
Financial technology services (FinTech) is an emerging industry that uses technology to enable, enhance or automate financial services and processes, competing with traditional financial methods in the delivery of financial services. From mobile banking and insurance to cryptocurrency and investment, FinTech is a large area for research and development. As the demand from both consumers and businesses grows, this innovation rich sector is fast becoming a prime candidate for the R&D Tax Credit scheme.
Qualifying Examples of R&D Tax Credits in the FinTech sector
The R&D tax credit scheme rewards any company whose work seeks to resolve a ‘scientific or technological uncertainty’. Qualifying activities in this sector may include:
- Creating novel financial platforms.
- Designing new data applications for mobile banking and mobile payments.
- Testing and optimising fraud detection systems.
- Improving cybersecurity measures for existing applications.
- Redesigning existing financial systems using fundamentally different technologies.
Examples of successful R&D Tax Credit claims for our clients
You’re much more likely to succeed with an R&D tax claim if you work with a company that understands your business and the research and development being carried out. Our highly experienced technical consultants have a unique mix of skill set in terms of technical understanding of both industry and tax and are up to date with the current government legislation. Examples of our work in this sector include:
Development of an innovative payment orchestration platform which enables users to solve complex online payments problems, and increase revenue and efficiency, while substantially reducing costs.
Development of a modular suite of applications which represent fully integrated, functionality-rich modules for automated and efficient software solutions to the financial services industry.
Other industries eligible for R&D Tax Claims
Our technical specialists regularly process successful claims in the FinTech sector. However many other industries are eligible to claim R&D Tax Credits.
For more information on other industries and examples of claims, please click on the links below:
Technology & Software
The technology sector is one of the fastest growing sectors in the UK and as such is one of the key areas for R&D tax relief:
- Cyber security & encryption
- Search engine advancements
- Linking old & new software systems
Food & Beverage
R&D has always played a part in the food & beverage industry but is constantly increasing as awareness of allergies and healthier types of food and drinks grow in demand but where taste remains a key factor.
Environmental
With the effects of climate change on our planet at the top of the government agenda, renewable energy and the protection of our environment are one of the most important areas for R&D sectors of this decade.
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