R&D tax credits and the financial software industry
R&D tax credits are an initiative launched by the government in 2002. The purpose was to reward businesses that are developing a new product, process or service. You can also claim if you are modifying or improving an existing product, process or service.
Innovation can exist in all sectors not just in a lab with people in white coats. Understanding your specific sector is key to ensuring we maximise your R&D tax credit claim.
The financial software industry or Fin Tech is a term that covers all technology which is associated with the financial services industry. It is a growing industry with more and more making tax credit claims in
There are many areas that FinTech businesses can include in their R&D claim such as staff and subcontractor costs, consumables (heat light and power) and certain types of software which are necessary to the R&D process.
We have worked with a number of businesses in the FinTech area, you can read our case study here to find out how we managed to secure a £228,000 R&D tax credit claim for our client.
An R&D tax credit is calculated based on your R&D spend of eligible items that meet the criteria set out by HMRC. In order to ensure you maximise the R&D credit that you can claim for your Fin Tech business it is cost-effective to speak to a specialist adviser. The R&D Taxbox team are experienced in helping businesses to realise the full value of their R&D tax claim.
R&D tax credits are a complex process, to ensure you are claiming your full entitlement get in touch here.