Insurance

R&D Tax Credit Examples, Hints & Tips To Maximise Value
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Insurance

The digitalisation era is taking the world by storm. Insurtech is a new term within insurance. Insurance providers are now switching into the digital age as it allows companies to enhance efficiency and maximise savings.

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. 

4 Project Examples

Below are project examples that would qualify for R&D tax credits in Insurance

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Developing

Developing an all-in-one app that is targeted to the younger generation, which makes the insurance project a seamless and approachable interaction.

AI

Having an automated power for faster execution and claim processing. This can advance protection and availability which provides a positive customer experience and workflow.

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Inventing

Inventing new technology that looks at risk managements. For example, creating a piece of bespoke technology that can track an individual's driving which can then be used for insurance purposes.

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AR

Using Augmented Reality to figure out the needs of the client and also what is expected from the service of the business.

Costs Which Don't Qualify

Sometimes the parts you may think qualify, don’t. Here are some examples of what doesn’t qualify in Insurance

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Dividend Payments

This should be looked at on a case to case basis. It is important to point out that any dividend payment are not eligible for R&D Tax Relief, hence why if your director is very involved within the R&D process, it makes more sense to pay them a salary.

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Prototypes

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.

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Assets

It is crucial to remember that fixed assets are not eligible under the current rules, although they may be heavily involved in the R&D process. Intangible assets have some exceptions, but we can give you expert advise on this.

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Purchasing Land

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.

How Much Could You Receive In

Insurance R&D Tax Credits?

Use our free calculator today and you could have a significant benefit amount within 28 days!

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Find out how simple it is to claim R&D Tax Credits in Insurance

Start Your Claim With Counting King Today!

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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Quick Q&A

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 product which had an advancement, this could be claimed for the R&D incentive. Anytime you have attempted an advancement in the insurance 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 Insurance 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:

  • New adaptations to current applications
  • New, bespoke software which benefits the Insurance sector
  • Innovating new bespoke ways to adapt to the digital age with InsurTech
  • A portion of your utilities bill
  • Subcontractors (up to 65%)

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;

  • Attempting to fix an issue with an application that does not meet the requirements however being unable to resolve the issue
  • Managing environmental factors, decreasing your carbon footprint during  your manufacturing process 
  • If an innovative idea didn’t work as planned but you have still endured costs throughout the idea

Find more about R&D in your sector!

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.

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