R&D tax relief opportunities for financial services companies
Contrary to common perceptions financial companies are actively engaged in R&D primarily in the development of IT systems to facilitate the operations.
Financial services providers are increasing their research and development (R&D) spend on technology. Investments include software and technology development to address strategic business imperatives, such as the urgent need to deploy sophisticated on-demand services for customers and comply with constantly changing regulatory requirements. Our experience shows that whilst R&D tax benefits are now well established, very few financial companies are claiming the relief due to a misconception that they are not involved in R&D. Eligible activities for this purpose are actually much wider than many people believe and so opportunities are being lost.