In our last blog we touched on how changes in technology were driving changes in our language. Spend enough time in the business pages of The Times or looking at Start-ups and there is a high chance that you’ll come across some of the terminology that we mention below, but do you really know what benefits working on such a project may be able to generate in the form of Tax Relief for your Research and Development?
The fundamentals of FinTech
FinTech is a phrase referring to computer programmes and other technology supporting, streamlining and improving functionality and ease of use for businesses and their customers in the financial and banking sector.
The development of mobile phone payments and the platforms that support and process transactions via mobile phone and those addressing the online security of such activity would fall under the Fintech umbrella, as would the now everyday availability of chip and pin or, to come more up to date, contactless card payments.
Going further than this, legacy banks are now looking into ways of bringing cryptocurrencies such as Bitcoin, still potentially the domain of the Cyber Criminal and their Ransomware attacks, into mainstream banking.
Blockchain is another phrase that you will be hearing when it comes to banking and insurance, blockchain is distributed database to track digital assets such as Bitcoin, but has the potential to go much further.
How we help Fintech companies
We’re already working with a number of businesses in the FinTech space, so we know the challenges you’re probably facing in developing your solutions.
Trying to overcome those challenges is the basis of a claim for Research and Development Tax Relief, failing to overcome them, will actually be very useful when it comes to a claim, and may help recoup some of the losses invested in your project.
Why not have a chat with one of our experts to see whether your FinTech project is sitting on a little pot of gold?
Call 01424 225345 and ask for Simon, or email Cooden Tax Consults by clicking here
