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R&D Tax Credits for Finance & Professional

With significant advancements in technology and artificial intelligence, R&D within the financial and professional services sector is at an all-time high. Qualifying R&D exists where the solution to a technological challenge is not available through standard industry practice or readily available from public information.

Despite the increased presence of R&D, businesses in the sector are still vastly underclaiming the R&D tax relief available to them. Many aren’t even claiming at all. This usually is because companies are unaware they’re undertaking qualifying R&D activity and consider it merely daily operations.

There’s also uncertainty over whether financial institutions can qualify for R&D tax credits. But they certainly can. Contrary to popular belief, R&D tax relief isn’t reserved for scientists in white lab coats.

If your company invests time, money and resources into software and technology development, there are likely big claims to be had.

Finance & Professional project that may qualify for R&D tax relief include:

  • Implementing a customer relationship management (CRM) or contact centre system
  • Integrating disparate sources of technical or other real world data
  • Data analytics – combining data sets and using algorithms to create derivatives
  • Improving safety or compliance with new regulations
  • Solving technical problems that arise during or after project specification
  • Using science or technology to improve user experience
  • Achieving significant performance improvements to service delivery processes

Finance & Professional Case Studies

Lemongrass Consulting – IT & software

Lemongrass Consulting – IT & software

Pomerol Partners – Professional

Pomerol Partners – Professional


Key questions on R&D tax relief answered

What activities can be included in a R&D project?

  • Defining technical objectives
  • Identifying uncertainties
  • Feasibility studies, reviewing new and competing technologies
  • Analysing, designing and developing the technology
  • Producing technical specification or other documents to explain and support the R&D project and advancement
  • Testing the product, process, service or software
  • Planning and managing projects
  • Administration, finance and personnel services specifically required to support R&D activities
  • Training to support R&D

What expenditure can be claimed for in a R&D project?

  • Staff Costs – Employee costs (salary, national insurance and employer pension) are apportioned for their time spent on the R&D project plus any reimbursed associated business expenses
  • Software – Purchased for R&D purposes and costs apportioned for any subsequent use
  • Subcontracted R&D – You can claim 65% of what you paid your R&D subcontractor
  • Utilities & Consumables – Water, fuel, power and material used in the project
  • Prototypes – Produced for R&D purposes

About Easy R&D’s R&D tax credit claim process

Claiming R&D tax relief is a niche.

Here at Easy R&D, we’ll probe your company’s activities to reveal the true extent of your company’s R&D.

Averaging £54,000 per claim, we’re a business built around expert tax professionals, skilled technical report writers, and flawless processes to ensure your R&D claims are successful — with maximum return. You could even reduce your corporation tax bill to zero.

HMRC’s criteria for claiming is purposefully broad, so what qualifies may surprise you.


Interested in claiming R&D tax credits?