R&D Tax Credits for Digital Technology & Fintech
Invest and gain competitive advantage in today’s digital world.
The pace of change in digital technology is remarkable, even exponential. So, unsurprisingly, this is the biggest sector claiming on the R&D Tax Relief scheme. In 2017/18 there was £600million claimed via the SME Scheme alone, from 10,490 applicants.
There are many companies, however, that are not directly in the digital technology business, that may use digital technology to improve their own business operations. These activities are eligible under the scheme and are often overlooked, especially by professional services companies.
Examples of Qualifying R&D Activities in Digital Technology
- Developing new platforms
- Developing new applications and testing them
- Developing new applications for augmented or virtual reality
- Coding, programming, testing (e.g. functional, integration, user interface)
- Developmental cloud computing activities to replace existing operations
- Developing new architectures, new algorithms, or new database management techniques
- Developing software to integrate multiple software operations (e.g. integrating CRM systems with accounts systems or ERP systems)
- Software and hardware product development related to communication and interaction
- Specialised technology design (e.g. image processing, artificial intelligence, or speech recognition)
- System software development (e.g. operating systems, compilers)
- Alpha / Beta testing
Are you tapping into eligible funds to help drive your digital future?
SMEs are missing out on £thousands in R&D tax credit relief
Many companies are unaware that their activities to develop new products for their customers or themselves are in fact research and development, the costs of which can be very significant when all contributions are taken into consideration
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