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.
Below are project examples that would qualify for R&D tax credits in Financial Services
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.
Sometimes the parts you may think qualify, don’t. Here are some examples of what doesn’t qualify in Financial Services
Rent does not qualify for R&D Tax Credits under any circumstance.
If your company has developed a prototype but you aim to sell it on to a client, you will no longer be eligible to claim R&D expenditure for that prototype.
The cost of applying for a patent 'IP intellectual property' is not able to qualify under R&D Tax Credits.
Purchasing land is another cost which will not qualify for the incentive. So for example, if you purchased land to develop the idea the land will not be allowed to be claim for.
Use our free calculator today and you could have a significant benefit amount within 28 days!
Find out how simple it is to claim R&D Tax Credits in Financial Services
Don’t hesitate on starting your claim. The government would like to say well done for your innovate hard work so check if you could be entitled to the money they are offering to support your business. With the Counting King simple process, we will go through if you are eligible and if you are we will go through the process and work out the amount you can claim. It is a process we are experts in and will take the lead on producing for you.
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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;
Depending on your company size, you may qualify under the RDEC scheme (Research and Development Expenditure Credit) or under SME incentive (Small Medium Enterprises).
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