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The UK’s modern economy relies on the Financial Services to keep up to date, which is where R&D comes in. With innovation taking over the new era of digital finance the industry is ever growing.
We know that there are a lot of nuances regarding this incentive but that’s why specialists like ourselves are on the market. R&D is everywhere without you even necessarily realising this. We can conduct a casual meeting with yourself to understand your business, how you operate and what costs you’ve incurred that could qualify.
Use our free calculator today and you could have a significant benefit amount within 28 days!
Here are just a few of the many thriving Financial Service companies in the UK
Here are just a few examples of what projects you can claim for in the Financial Services sector
Developing systems such as a real time stock exchange data processing system, or a system which is wildly more advanced than the last with significant additional functions.
Creating a prototype which achieves a way that fraud is close to impossible to happen. For example, a security system which can identify whether fraudulent activity has taken place.
Using AI or Robo-Advice in processes such as the investment process to ensure a seamless and secure approach with excellent user experience.
Making new smart algorithms which can shape the future of financial services and provide an advancement within the sector.
In short, yes. The best thing to do is to figure out how much R&D you are doing, you should then be able to assign a proportion of your light, heat, water and power that was used for your R&D and amend your claim accordingly.
One of the biggest portions of claims for the Research and Development tax incentive is circled around staff costs. Whether that might be people directly involved within the R&D or others who might be indirectly involved.
No, you do not need to create a new product to qualify for R&D Tax Credits. For example, if you tweaked a system in a bespoke way which meant that your operation is now more efficient, this could be claimed for the R&D incentive. Anytime you have attempted an advancement in the Financial Services sector, whether this worked or not, could still have the potential to be a qualifying activity.
In 2020, there were 800 claims processed by HMRC for the Financial Services sector. On average you could receive £87,500 for your successful claim, which is one of the highest paying sectors for the incentive.
There has never been a better time to put your claim in for the R&D Tax Relief Incentive.
Where do we start? You can claim for:
Yes! You are able to claim for unsuccessful projects as this falls under the ‘uncertainty’ you faced during the Research and Development you undertook.
Examples of uncertainty for R&D are;
Find out how simple it is to claim your R&D Tax Credits.
Find out what costs you can’t claim for in the Financial Services sector
Sounds like a silly thing, but if you can find your project or similar activity on a google search, then it's not R&D. You project must be one of its kind and answer challenges in your field.
If you have developed a branch of an existing system, the costs of maintenance will not be considered as qualifying expenditure.
You can implement a system that advances your company, but if you implement it without any modifications and it does not advance your industry, it won't qualify.
Where the IP rights in the development belong to someone else – e.g. computer company develops a new portal/bridging facility for a client, as per their contract. Potentially, the rights might belong to the client, not the computer company.
Depending on your company size, you may qualify under the RDEC scheme (Research and Development Expenditure Credit) or under SME incentive (Small Medium Enterprises).
Find out more about your eligibility today.
Don’t hesitate on starting your claim, you could be entitled to money you didn’t realise you could have. With Counting King’s simple process you don’t need to worry about your time invested in the claim.
We have you covered!