Is your business working on an innovative project in the financial technology sector?
Financial technology (FinTech) is an emerging industry that uses technology to enable, enhance or automate financial services and processes. From mobile banking to cryptocurrency, FinTech is a large area for R&D. As the demand from consumers and businesses grows, this innovation-rich sector is fast becoming a prime candidate for the R&D tax credit scheme.
Latest HMRC Statistics - Financial Services*
What qualifies as R&D in the FinTech sector?
The R&D tax credits scheme rewards any company that undertakes work to resolve a ‘scientific or technological uncertainty’ and in doing so increases the overall knowledge or capability in that field. Qualifying activities may include:
- Creating novel financial platforms.
- Designing new data applications for mobile banking and mobile payments.
- Testing and optimising fraud detection systems.
- Improving cyber security measures for existing applications.
- Redesigning existing financial systems using fundamentally different technologies.
Download our Financial Technology Services leaflet to find out more
Why work with SciTax?
The R&D tax relief scheme is a highly technical and complex process. With extensive experience working within this field, we are well-positioned to help financial technology companies and related industries claim for their innovation.
At SciTax, we take a supportive approach to guiding our clients through the entire claims process. We offer regular visits to your premises (where required) to discuss and review R&D activities to ensure we maximise your benefit. Additionally, we undertake as much of the R&D claim work as possible from identifying eligible projects, through to writing technical narratives, and calculating difficult R&D calculations.
Our support doesn’t end when we submit your claim. Our fee structure includes full enquiry support should your claim be investigated by HMRC.
Are you ready to start your R&D claim?
* Source: HMRC R&D tax credits statistics 2023.
