R&D Tax Relief
In any sector, you can find an insurance policy. In the past, the insurance sector struggled to qualify for R&D tax relief. However, the development of modern technology and its application in the insurance sphere gave rise to insurtech, which now enjoys a lean purely digital operational model, and thus has become a strong proponent for the R&D tax credit scheme.
As insurtech is enhancing the customer experience, they are continually creating R&D worthy innovation.
Insurtech exploded on the scene with innovative offerings that have helped the insurance industry reconnect with their customers. By leveraging emerging technology, such as artificial intelligence, machine learning, and advanced analytics, insurtech is able to drive exponential innovation in this sector.
Although the industry is still in its infancy, the UK is already considered the capital for insurtech and there is more funding available through the R&D tax relief scheme. With most insurtech products relying on proprietary technology, there is a high likelihood your business may qualify for R&D tax credit that will provide more capital for the business.
What is R&D tax credit?
The UK Government’s Research and Development Tax Relief scheme is a way to encourage and reward companies that are investing in innovation.
What qualifies as innovation?
For tax purposes, R&D takes place when you are creating something that will advance the overall knowledge or capability in the field of science and technology. In simple terms, if you are solving industry problems, creating new software, process or materials or anything that could be considered Intellectual Property, you qualify.
Most insurtech projects come with their own set of challenges and how you deal with them may potentially save you money, instead of costing you money. New software requirements, technologies and approaches can all count toward an R&D tax credits claim.
- Have you created a software that increases the performance of other technology out there, such as speed of trades.
- Have you built a software that integrates third party systems.
- Have you developed new data analytics tools?
- Have you created software that incorporated blockchain, in a new way?
- Have you developed new encryption and protection software for your platform that wasn’t done before?
- Have you created an app that provides robo-advice through a digital customer interface?
- Do you have a product that sells insurance in an innovative way that hasn’t been done before?
- Did you create a product that is fully automated that wasn’t on the market before?
- Have you developed a new machine-learning technique to process data or to personalise products?
- Have you made innovative advances in A.I. that add to the insurtech sector as a whole?
- Have you created technology that improved and personalised customer service?
- Have you developed advanced analytics that will enhance availability of insurance?
Want to find out whether you can claim 33% of your R&D costs back?
There is a reason it's called innovation.
Think your project qualifies but we did not mention it above? Most likely! That’s why it’s called innovation. Get in touch with us and let us see whether you qualify for an R&D tax credit.
r&d tax credit for sMEs with novel
Making Sure Your Business Gets the Funding it Deserves
At Novel, we balance between the attention to detail and number crunching of an accountant, with our child-like disposition to anything new, unusual and innovative. To embody this philosophy we even named our company Novel.
We are on a quest to spread awareness about the R&D tax scheme so SMEs all over the UK can get funding to pursue their research. We know that to some businesses finding out about the R&D tax credit scheme was the difference between going bankrupt and continuing their work and starting to make money. To others it was more psychological, it acted as the earliest sense of recognition for their work. If you are an SME and think that you may qualify for an R&D tax credit, we want to hear from you!