Finance companies pour money into developing AI and machine learning systems to improve their services and products. However, only 41% have applied for R&D tax relief.
Finance has not been traditionally viewed as a hotbed of innovation. But nowadays the reality is somewhat different. A massive nine in ten finance businesses have developed a new product or service in the last two years, spending an average of £351,594 on these innovations, our research shows.
With “fintech” now dominating every corner of the finance industry as firms race to stay ahead of the tech curve, this should hardly be surprising.
What may be more surprising is that it means the vast majority of finance companies are eligible for research and development (R&D) tax relief.
Yet, despite 77% of finance firms being aware of R&D tax relief, only about half of this number have ever made a claim, we found.1
A paltry 41% of finance companies have applied for R&D tax relief meaning the very people who claim to be experts in finance are actually missing out on millions of pounds in unclaimed tax credits.
Read more here