Professional Services R&D Claim

Professional Services R&D Claim Example

Company
A business loan and equipment leasing company prove that financial and professional services R&D can also be eligible for HMRCs R&D tax credits.

Project
Development of a new business loans service platform that would integrate with their current office and website systems.

Advance in Science or Technology
The company had to create a completely new IT infrastructure that would involve:

  • Understanding the complex compliance requirements of the FCA (Financial Conduct Authority)
  • Development of a front-end website portal for customers
  • Development of a connecting business loan office management system
  • Development of a back-end portal that directly interfaces with banks and funders
  • Bespoke APIs to enable data transfer between the three platforms

Uncertainties
The company faced the following key uncertainties:

  • Could they integrate the office management and website systems?
  • How would they conform to FCA standards?
  • Would it be possible to design, develop and integrate the three separate parts of the platform?
  • Would the developments result in a beneficial tool?

Total Business Benefit
£9K Corporation Tax was recovered.

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