R&D tax relief for financial services
R&D tax relief, once seen as the preserve of the scientific and manufacturing sectors, is a major source of funding for innovation projects in the financial services sector. In fact, with the fast-paced nature of technological developments in financial services, the sector is now the fourth largest recipient of R&D tax funding.
In recent years, technological developments such as AI, cryptocurrencies, big data, blockchain, algorithmic trading and advanced fraud detection modelling have come to the forefront within the sector. This has resulted in the financial services sector investing heavily in R&D projects to enhance these capabilities, many of which would qualify for R&D tax credits.
Regardless, R&D tax credits are a complex area, and this has caused many companies to miss out on valuable funding. However, with appropriate expert advice from advisers who understand the tax, technology and financial services landscapes – companies can ensure they make the most of this valuable R&D incentive.
Moore Kingston Smith has a specialist team for R&D tax relief, R&D expenditure credit and other innovation incentives. Through our long-standing representation on HMRC’s R&D Consultative Committee, we have played a leading role over the years in the development and interpretation of the R&D tax relief schemes. Our expert team of scientists, engineers and tax advisers have significant experience working with financial services and fintech businesses; giving us an in-depth knowledge of the technological challenges you will have faced.
For more information about R&D tax relief within the financial services sector, please contact Tom Moore and Mark Fielden, Partners at Moore Kingston Smith, or Thomas Hayden, Senior R&D Manager.