Fintech and
R&D Tax Relief

The past few years has seen the financial services sector exploding on the scene with incredible technological innovations. The scope and speed of the evolution in this sector has been astonishing and has given rise to what is now known as fintech. Yet, despite fintech’s disruptive and innovative nature in the financial services sector, it does not even make the top 5 of the sectors that are claiming R&D tax relief. Why?

Fintech includes financial education, retail banking, investment platforms, payment systems and even cryptocurrencies.

When it comes to fintech, R&D worthy activity is often undertaken on a daily basis. A sector that prides itself on security and data protection requires heavy investment in infrastructure to support it, such as transaction encryption, regulatory compliance software, authentication software, fraud detection software and the likes.

There is qualifying R&D activity often taking place in the fintech industry. For example, how you comply with financial regulations, whether you are creating competing software, or creating technology that protects the assets of your customers, may all be subject to R&D tax credit.

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, a new process or materials, you qualify. Alternatively, you can simply be changing or modifying existing products, processes or services, these activities may qualify.


Fintech and R&D Tax Relief
Fintech and R&D Tax Relief
Fintech and R&D Tax Relief
Fintech and R&D Tax Relief

learn more.

what qualifies?

Most fintech projects involve some aspect of innovative R&D activity, the costs of which will likely be eligible for R&D tax credits. Although in many other sectors it is possible to show a tangible product as the output of your R&D activity, most fintech claims require a different approach when it comes to filing for R&D tax credit.

New software, innovative ways of storage, advances in AI and calculation engines, innovative CRMs and more, can all count towards a R&D tax credit claim, whether they have been successful or not.

Innovative Software

  • Have you created a software that  increases the performance of other technology out there?
  • Have you built a software that integrates third party systems?
  • Have you developed new data analytics tools?
  • Have you developed software that promotes cybersecurity measures?
  • Have you developed software for a new digital wallet, payment processor or online trading platform?

Innovative Product

  • Have you created a new banking system?
  • Have you created a new digital currency?
  • Have you created a new app in the financial sector, such as a budgeting app?
  • Have you developed a product that can read digital banking data?
  • Have you developed a new money management tool?

System Improvements

  • Have you developed technology that enhances security?
  • Have you developed new ways to encrypt data?
  • Have you developed trading algorithms?
  • Have you built an AI algorithm that automates certain tasks?
  • Are you working on any proprietary technology that will improve functionality in the financial sector?

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? Get in touch with us and let us see whether you qualify for an R&D tax credit.


sector Specialist Consultants

Each case is handled by our sector specialist R&D consultant that will help ensure that we identify as many activities as possible that qualify for R&D tax relief.


we get to know you

To get you the maximum benefit from your claim, we take the time to get to know your business so when it comes to writing the report, we create a claim that maximises your reward potential.


Supporting your every step

We will prepare and submit your claim to HMRC so you don't have to worry. Alternatively, we can work with your accountant to help, and manage the process.


R&D specialist accountants

Did you know that many companies only claim back a fraction of their costs, rather than the full sum? We have a team of trained accountants to identify all possible eligible expenditures to ensure that the above never happens to you.

Are you eligible for
R&D Tax Relief?

1. Are you a limited company based in the UK?

2. Have you been trading for at least a year?

3. Do you employ less than 500 people?

4. Is your turnover less than £85 million a year?

5. Are you improving existing products or creating something new that will advance science & technology?

Did you answer “yes” to all those questions? Great! You are most likely eligible.

Still have questions? Just hop on a call with us and we will help discuss with you whether you qualify.