Some 55% of respondents of the survey carried out by deVere Group affirmed that they ‘regularly use financial technology to access and manage their money.’

883 people from the UK, Europe, Asia, Africa, Latin America and Australasia took part in the poll.

Of the findings, Nigel Green, deVere Group founder and CEO notes: “Even two or three years ago, that figure would have been significantly lower. The fact that today 55% of people polled globally use fintech solutions on a regular basis highlights the staggering rate of the digitalisation of our everyday lives.

“And it is speeding up. From self-driving cars, genetic bio-editing to AI, new technologies are beginning to impact every part of our lives. Our financial lives are no exception. We’re in a new age.”

He continues: “Fintech firms are filling the void left between what traditional financial services companies are offering and what customers are now expecting, especially in terms of customer experience.

“In broad terms, this means immediate, on-the-go, 24/7 access to, use and management of their money. It means personalised, on-demand services. It means lower costs.

“Fintech is already a major disruptive presence in the financial services marketplace. This trend is only set to grow as ‘digital natives’ - the first generation that grew up with the internet and smart devices – become ever more dominant in the workforce and in social and political roles.”

According to the data collected by deVere, emerging markets in Asia, Latin America and Africa are becoming the biggest growth areas for participation.

“This could be due to fintech typically offering more inexpensive solutions compared to traditional financial services. Also because these areas are home to many of the world’s 1.7 billion unbanked or underbanked population – those who don’t have access to or have limited access to financial institutions – and fintech allows this issue to be overcome,” affirms Mr Green.

Other standout trends: Around two thirds (67%) of those polled used fintech apps to send remittances and money transfers. 46% use financial technology vehicles to track investments and/or accounts. 28% use them for storing and managing cryptocurrencies.

The deVere CEO goes on to add: “Fintech – a major part of the so-called 'fourth industrial revolution' – is a positive force for three key reasons.

“First, it is meeting clear and growing client demand for on-the-go services.

“Second, it is speeding up the advance of financial inclusion across the world. Helping individuals and companies successfully manage, save and invest their money will only result in a better society for us all.

“And third, it gives firms the opportunity to diversify, cut costs, meet regulatory requirements and improve the client experience, which will help build long-term relationships and trust.”

Mr Green concludes: “The poll underscores that fintech is the new normal.”

New research analysed by savings and mortgage provider Nottingham Building Society, known as The Nottingham, ranked regions on saving habits and total savings in order to discover the most savings-savvy locations in the UK.

The HMRC data revealed that people in the South East of England are the biggest savers, with a healthy average of £32,984 in their ISAs - over £5,000 more than the national average ISA market value of £27,606.

London has the second highest ISA average of £30,624, despite the high cost of living within the capital, closely followed by the South West, with average ISA savings of £29,397.

The region with the least saved in their ISAs is the North East with £21,749, followed by Northern Ireland (£23,028) and Wales (£23,295).

The top UK regions with the most amount of ISA savings on average are:

1. South East (£32,984)
2. London (£30,624)
3. South West (£29,397)
4. East of England (£29,364)
5. Scotland (£28,044)
6. West Midlands (£25,220)
7. North West and Merseyside (£24,630)
8. East Midlands (£24,517)
9. Yorkshire and the Humber (£24,368)
10. Wales (£23,295)

Further research from a study of nearly 175,000 UK residents, conducted through YouGov Profiles, has revealed Brits’ top reasons for saving. Over a third (34%) of people are saving for travel or holidays, while more than a quarter (28%) say they’re saving for a rainy day. Retirement was the third most popular life event to save for, with a fifth (20%) saving for our golden years, while one in seven (14%) are saving for a house deposit.

Jenna McKenzie-Day, Senior Savings Manager at The Nottingham said: “Twenty years after its launch, it’s great to see so many savers making the most of their tax-free allowance with an ISA.  To those that haven’t yet started saving, these average amounts may seem high and hard to achieve but the sooner you can start, the better.  Our savers are always sharing their tips and sometimes small changes can be a great place to start building your savings habit. The most popular tip is keeping a money diary to keep track of your finances and see where savings can be made. By writing everything down, it becomes clear where any unnecessary outgoings are happening.

“Another great first step is opening a savings account. Whether it’s a holiday or a home you’re saving for, it is important you choose the right account for your goal. Our customer data has shown that Starter ISAs and Easy Access ISAs have proven popular so far this year, as they made up 81% of all ISA accounts opened in April 2019. Furthermore, our LISA has been our fastest growing product for first-time buyers with seven times more people opening a LISA compared to its closest equivalent, the soon to be redundant Help to Buy ISA.”

The analysis also found that, out of the 10 most common names on the executive boards, the first female name, Sarah, only comes in 10th and none of the boards have more women than men.

An online employee referral recruitment platform has analysed data from the top 25 accountancy firms in the UK and discovered that women make up just a quarter of the executive boards, however statistics show that women made up 44% of full-time accountants in the UK in 2014.

The research was conducted by Real Links, a platform that allows UK business owners and HR teams to access a potential talent pool of hundreds of thousands of employee referral candidates and creates anonymised profiles, ensuring there’s no unconscious bias when choosing candidates.

Real Links also discovered that only two of the top 25 firms boards are nearly equal in the gender split and a further six boards were only one third women. Four executive boards had no women on them at all.

When studying the data further, Real Links found that, out of the 10 most common names on the executive boards, Mark, David and Andrew are the three most common and the first female name, Sarah, only comes in at the 10^th spot. Furthermore, out of the top 20 most common names, only two female names appeared.

Sam Davies, CEO and Co-Founder of Real Links, said: “While statistics show that the accounting industry has a relatively even split between men and women, it seems women are still struggling to climb to the top of their firms.

“The statistics we discovered were shocking and show that inequality is still prevalent in the industry. Despite targets and policies designed to encourage more women into senior roles, progress has been slow. The recent gender gap reporting has shown that parity is still a long way off, so at Real Links, we think that employers need to consider anonymising recruitment to ensure candidates are chosen on experience rather than being subject to any unconscious bias.

“The top 25 accountancy firms need to ensure they’re leading by example to try and close the gender split at the most senior levels in their industry.”

(Source: Real Links)

That’s according to a new in-depth study, commissioned by Asset Control and executed by independent research firm OnePoll.

Also playing to the focus on expertise, 48% of the sample overall referenced ‘a third party has productised industry knowledge that we can benefit from’, among their main drivers for adopting standard products and services instead of internally solving business data challenges. In line with this focus, by far the biggest consideration respondents had when costing an external technology solution was ‘the availability of skills in the market for the approach chosen,’ cited by 49% of respondents in total.

Cost was also a big issue driving the uptake of third-party technology solutions. 48% of the survey sample ranked the fact that an outsourced solution ‘was more cost-effective’ among their top reasons for using it.

Martijn Groot, VP Marketing and Strategy, Asset Control said: “Financial services businesses are often attracted into adopting an outsourced approach by a straightforward drive to cut costs, coupled with a desire to tap into broader industry knowledge and expertise.

“Adopting third-party solutions typically allows firms to reduce costs through improved time to market and post-project continuity,” he added. “And the opportunity to take advantage of the breadth of expertise and understanding that a third-party provider can deliver gives them peace of mind and allows the internal IT team to focus more on business enablement which typically involves optimal deployment, integration and change management.”     

The benefits of an external third-party provider approach were further highlighted when respondents were asked where they looked first for data management solutions. The most popular answer was ‘externally bundled with complete services offering (e.g. hosting, IT ops, business ops) as part of business processes outsourcing deal’ (28%), followed by ‘externally bundled with tech services offering (e.g. hosting, IT operations) as part of IT outsourcing deal’ (21%). ‘In-house with internal IT’ trailed well behind, with only 17% of the survey sample referencing it.

According to Groot: “The answers show that rather than just following the data and having to install and maintain it, businesses are increasingly looking for a much broader managed data services offering, which allows them to access the skills and expertise of a specialist provider.

“Firms today also increasingly want to tap into the benefits of a full services model,” he continued. “They are looking to join forces with a hosting, applications management or IT operations approach and often that is in a bid to achieve faster cycle time, reduced and more predictable cost of change and a demonstrably faster ROI into the bargain.”

(Source: Asset Control)

The concept of sharing is so far ingrained in our everyday that most of us couldn’t imagine living in a world where we can’t share a ride, couch-surf or leave our dog with a stranger at the tap of a screen. The advancement of the sharing economy, defined by Google as an economic system in which assets or services are shared between individuals, is a prime example of this.

In fact, per the Innovation Report 2018 published by Lloyds, the global sharing economy is expected to grow to $335 billion (approximately £261 billion) by 2025. That’s considerable growth in comparison to 2014, when the estimated size of the global sharing economy was circa $15 billion (approximately £12 billion.)

This isn’t surprising when in theory the sharing economy is supposed to save resources, strengthen regional and local communities, cut costs, enable consumption for lower income groups, increase investments and provide new jobs. However, while there is a plethora of benefits to the sharing of assets and services, there is also countless risks.

In analysing Lloyd’s innovation report, British marketplace OnBuy.com wanted to share how American and British consumers feel toward the sharing economy and what they believe the risks and benefits are.

To achieve this, OnBuy designed graphics to showcase data collated by Lloyds from more than 3,000 US and UK consumers as well as representatives from 30 sharing economy companies.

In terms of benefits, both American and UK consumers believe ‘it can be cheaper for users’ - the number one benefit to the share economy, at 60% and 58% respectively.

Thereafter, it is clear American consumers are more enthused with other benefits, such as ‘it is more convenient for users’ and ‘it provides more flexibility for users’ at 52% apiece.

Comparably, just 39% of British consumers believe ‘you can earn money from your assets when you aren’t using them’. While 43% of American consumers would say the same.

In terms of risks, American consumers believe ‘there’s a risk to personal safety interacting with strangers’ which is cited as the number one risk to the share economy, at 60%.

While British consumers are caught between ‘there’s a risk to personal safety interacting with strangers’ (44%) and ‘there is no guarantee of the quality of the service or facilities (44%) in sharing their opinions on the number one risk.

Other risk factors to consider include ‘people sharing their assets could have them damaged’ (American 46%; UK 42%) and ‘people sharing their assets could have them stolen’ (American 43%; UK 41%.)

Lastly, 37% of American consumers and 33% of British consumers agree ‘there aren’t sufficient safeguards or protections in place for users’ in the sharing economy.

Cas Paton, Managing Director of OnBuy.com, comments: “If the sharing economy is to reach the proposed $335 billion mark in 2025, the industry needs to thoroughly consider the opinions of consumers. Today, the way people spend money and interact with the everyday is changing. Companies need to match this change with innovative products which meet the needs and expectations of their customers.

To combat risk, Lloyds recommends sharing economy companies partner with insurers to enhance credibility, instil confidence and build trust to drive business growth and gain a competitive advantage. I truly believe this is the way forward. Especially considering 58% of American and UK consumers currently believe the risks outweigh the benefits of using sharing economy services.”

(Source: OnBuy.com)

Homeowners are having to dig deeper than ever before to fund a home move, with the costs associated with buying and selling a home at their highest ever, according to reallymoving’s recent annual Cost of Moving analysis. The total cost of moving home increased by 6% between 2017 and 2018 for the average homeowner, to a record high of £9,812 – equal to one third of the median UK salary of £29,588.

At a time when the property market is stagnating due to uncertainty over the outcome of Brexit and fear of a no-deal scenario, homeowners pressing ahead with a move are facing the third consecutive year of a price increases, which can be attributed to higher stamp duty and conveyancing costs due to a 3% rise in house prices during 2018. On a UK level, taking into account regional rates, stamp duty now makes up almost half (46%) of the total cost of a home move.

Existing homeowners now pay on average £4,500 in stamp duty, an annual increase of 11%. Average conveyancing costs in 2018 were £1,497 versus £1,417 in 2017. Estate agent fees, EPCs (Energy Performance Certificates) and removals costs remain unchanged and surveying costs have risen by just 1%, as providers compete to offer movers the best possible deal in a flat market. Estate agent fees typically cost £2,880 based on a rate of 1.2%, an EPC £55 and a survey £400, while removals, varying considerably according to the volume and distance moved, cost on average £480.

First time buyers see costs plummet

In sharp contrast, first time buyers have seen the costs associated with buying their first home plummet by almost a third (29%) in 2018 to £1,809. This is due to changes to the Stamp Duty Land Tax regime implemented in England in November 2017 which mean first time buyers pay no stamp duty at all on properties up to the value of £300,000. The average first time buyer in 2017 paid £800 in stamp duty, but this bill has now fallen to zero, bringing total moving costs down dramatically.

Tables showing annual change in moving costs for homeowners vs. the average First Time Buyer (FTB)

Table showing annual change in average property prices for homeowners vs First Time Buyers (FTBs)

North/South divide in cost of moving

The cost of moving home in London has now reached £23,039, 2.3 times the UK average. Home moves in the South East, South West and East of England all cost more than the UK average, while in every other region of the UK (East and West Midlands, North East and North West, Wales, Scotland and Northern Ireland) the cost of moving is well below average, as a result of lower house prices. This clear north/south divide means homeowners in the south enjoy far less freedom when making major life choices such as moving home.

Graph shows: Regional cost of moving for homeowners in 2018 (reallymoving)

Rob Houghton, CEO of reallymoving, said: “It’s never been more expensive for homeowners to move, despite the fact that most providers of home move services, such as estate agents, removals companies and surveyors have refrained from increasing prices over the last year as they fight for business from a smaller pool of movers.

“It’s a different story for first time buyers however, who have benefited from a significant fall in the upfront costs of buying their first home due to stamp duty changes. For those first time buyers with a medium to long term view, now could be a good time to buy with costs and mortgage rates low and plenty of sellers prepared to do deals.

“For anyone planning a home move, it’s always a good idea to shop around online for the best deals and compare by ratings and reviews left by past customers, as well as price.”

The research found that 1 in 10 would be “extremely likely” to switch.

28% would be unlikely to switch if bad behaviour was found at their bank, while 24% would be neither likely nor unlikely to switch.

Although half of those surveyed would consider switching because of non-financial misconduct, only 4% of respondents have actually done so.

For customers who would consider switching because of non-financial misconduct, the main barrier to switching is the perceived hassle of doing so. 37% of respondents cite “excessive hassle” as the reason they haven’t already switched. 23% of consumers view all banks as equally bad, and 20% don’t know enough about alternative options to switch.

The main barriers to switching are:

• 37%: "excessive hassle”
• 23%: “all banks are equally bad”
• 20%: “don’t know about the other options”
• 10%: “loyalty to bank”
• 4%: “the products of ethical providers aren’t good enough”

Racial discrimination against employees is seen as the most intolerable example of non-financial misconduct, with 58% saying they would be likely to switch banks if it was going on, and 21% saying they would be “extremely likely”.

When it comes to the gender pay gap, just over one-third (38%) would consider switching bank because of a significant gender pay gap. 9% of women and 5% of men would be “extremely likely” to switch banks because of this. Respondents were also asked if they believed banking was more likely to have a culture of gender inequality than other industries. 36% said that they believed this to be true.

The factors that would make customers most likely to switch banks:

• 58%: discrimination based on race
• 54%: discrimination based on sexuality
• 52%: poor environmental practices
• 52%: sexual harassment
• 38%: significant gender pay gap

Mike Fotis, founder of Smart Money People, said: “The financial services industry has come under increased scrutiny in recent years for its track record on non-financial misconduct, with the FCA signalling that how firms handle non-financial misconduct is potentially relevant to their assessment of firms. Our survey shows that these issues matter to around half of banking customers.

“We were particularly interested by the barriers to switching. Despite the high profile promotion of the Current Account Switch Service, the hassle factor remains the key reason why customers don’t switch. And while new banks continue to emerge, 20% cite a lack of knowledge about alternative options as the reason why they wouldn’t switch.”

(Source: Smart Money People)

Business telecommunications provider, 4Com has looked into Britons’ attitudes towards their co-workers to reveal just how willing the nation is to create meaningful relationships with those they spend so much time with day-to-day.

According to the research, our willingness to be social in the workplace differs from industry to industry. Finance comes in as the friendliest occupation with a huge four in five (81%) of workers saying they have made lifelong friendships with colleagues, refuting the idea that work is merely a place to get a job done, then go home.

Based on the percentage of people (per industry) who said they have made meaningful friendships at work, 4Com can reveal that the top five friendliest industries in the UK, are:

1. Financial services (81.1%)
2. Business to business (80.8%)
3. Health/healthcare (79.5%)
4. Education (77.9%)
5. Retail (77.9%)

But is having close friendships at work a help or a hindrance?

According to Consultant Psychologist and Clinic Director Dr. Elena Touroni from The Chelsea Psychology Clinic, close relationships at work can actually be good for productivity. She says: “When people get on well and develop friendships, there is a greater supportive and positive energy, which ultimately makes the experience of going to work more pleasant. Although it can be more complex in some instances, being in an environment that you enjoy generally has a positive effect on your overall productivity. Long story short: happier people work harder.”

This tallies with the experiences of financial services workers as the majority of those with close friendships agree that the relationship makes them more productive. Their top reasons for this are:

1. Because they make me enjoy my job more (72%)
2. Because I know I can ask them questions about things I’m not certain on (51%)
3. Because I can turn to them for advice  (40%)

Speaking about her best friend, Rachel from Leeds says: “I met my best friend two years ago at work. A few weeks after starting at the company, I went to the Christmas party where I met the other newbie, Charly. We clicked straight away, couldn’t stop talking and literally cried with laughter. We quickly became inseparable in and outside of the office.

“As we were both new to working in the industry, we helped each other tremendously. We had talents in different areas of the job and felt comfortable asking each other for help without the fear of judgment on things we weren’t yet confident in. This helped to ease any anxieties or worries about our own abilities and learn new skills. We stood side by side throughout the (many) ups and downs, in and outside of work, and although she’s moved to a different country, I know we’ll be friends for life.”

On the other hand, almost one in five (19%) of finance workers say they have never established a relationship with colleagues that go beyond the normal small talk. For them, the most common reason is simply that they are at work to do a job, not for friendship (40%), while a further two in five (40%) admitted having nothing in common with their workmates. This is most true however, for those in the public sector, of which one in four (25%) have never made meaningful relationships at work.

Consultant psychologist Dr. Touroni provides some insight: “Some people can find vulnerability in a work environment threatening, so preserving a boundary between personal and professional life helps them feel more secure. This self-protective mechanism is especially relevant when one is in a position of authority. Close friendships become a lot more complicated when a power dynamic is introduced, so it is often easier to maintain a level of distance with lower-level colleagues if you are in a position of seniority over them.”

Commenting on the research, Mark Pearcy, Head of Marketing at 4Com, said: “We spend a lot of time with our colleagues, more so than with our other friends and family, so it’s nice to see we’re building strong and meaningful relationships with these people. To help you make the most of your work relationships, we have put together a blog post with more findings from the study and some helpful tips.”

(Source: 4Com)

Two-thirds (66%) of UK consumers do not want to use a smartwatch app to make payments or purchase goods. That’s according to new State of Finance research from experience management company, Qualtrics, which examines financial technologies and payment preferences across the UK.

The finance-focused research, which surveyed over 1,000 UK consumers, also found that 81% of those questioned say that they have never used a smartwatch to pay for items.

Although the debit card has overtaken cash as the preferred form of payment, the research found that 97% of consumers still use cash at least some of the time. Surprisingly, over a third (36%) are still paying with cheques — almost double those who use wearables.

Commenting on these findings, Luke Williams, CX strategy lead at Qualtrics, said: “While it’s great to see both retailers and financial institutions investing in new and innovative forms of payment, it appears that consumers are not yet ready to transition away from cards and cash.

“Financial institutions need to think carefully about what payment approaches work for their customers and the technologies that will meet consumer demands. There is no substitute for offering experiences that consumers want to engage with, and payments are no different. The key is not imposing technologies that you think consumers should use, but listening to customers and tailoring your approach to their individual needs.”

(Source: Qualtrics)

The festive season is the time of year when consumers may have spent a little more than they intended, prompting many to head into the first few months of the new year with plans to bring finances into line.  Understanding their credit score can help consumers get to grips with their finances, however the latest research from Equifax reveals that over half of Brits have never checked their credit score with a credit reference agency.

Londoners are most content with their credit scores, with a third (33%) saying they were happy the last time they checked, closely followed by the South East (31%) and the South West (28%.)  Those living in the East of England are the unhappiest, with 11% saying they were not impressed the last time their checked their score. 1 in 10 of those living in the North West came in a close second when it comes to being unhappy with their credit score.

However, Equifax analysis of average credit scores across the UK seems to suggest a disconnect between consumers’ level of happiness or unhappiness with their credit score and their actual score.

Average Equifax Credit Scores by Region

This new infographic from Equifax can show individual’s how their area’s Equifax Credit Score compares with the rest of the UK.

“It is clear from our latest research that a significant number of individuals have never checked their credit score, which means that are not putting themselves in the best position when it comes to applying for credit” said Lisa Hardstaff, credit information expert at Equifax. “Not only should people get to grips with their credit scores, but they should also check their credit reports to understand what information is influencing their score. 

“The new year is always a time for new plans and potentially new financial applications. If individuals are planning on making an application for credit, they should check their credit report and score in advance. The credit report will give a record of their borrowing history, which could help them decide whether they need to improve or keep up their borrowing habits. And knowing their score and what range it falls in can help to give an indication of how lenders may view their creditworthiness.”

(Source: Equifax)

The findings form part of a report into borrowing practices and frustrations with the consumer credit market. The research, conducted by Duologi, surveyed 1,000 UK residents and found that, on average, 34% of people think that UK businesses could be doing more to provide point-of-sale (POS) finance to their customers.

Despite many large brands already providing POS finance on purchases, more than two in five (42%) shoppers believe that retailers could do more in this respect.

Another 42% of people said that this payment model could be better utilised in the property industry for payments such as estate agent fees, conveyancing costs or added expenses for mortgage advisory services.

A further 32% of people believe that the education and training sector could do more to offer POS finance, with another quarter (24%) of people saying that the health industry should work harder to offer these options to help patients access a wider range of services and procedures like IVF.

Lastly, 32% of people stated that the travel industry’s POS finance offering could be made more accessible – not only for splitting the cost of a holiday, but also for fees like rail season tickets, which often offer a better deal when paid upfront.

The research also showed that almost a fifth of shoppers would want to borrow from as little as £100 – but that many brands only offer finance over a certain amount; therefore, limiting their ability to tap into this market.

Duologi credit director, Rob Cottingham, commented: “Currently, POS finance is used most widely in retail but consumer appetite for credit options across a wide range of sectors is evident, and many think that these industries should be doing more to offer POS finance. Given the ongoing growth of e-commerce, the ability for these retailers to provide credit both on and offline could prove crucial in the future.

“Clearly, there is consumer demand for POS credit – so for those brands that do already provide finance options but aren’t seeing results, it’s vitally important to promote it more heavily. Simple tools such as pop-up banners near till points, posters in the waiting room or a clearly-visible website header can alert potential customers to the benefits of finance solutions, providing a clear reason to purchase from that business in particular.”                                           

Backed by global investment firm, Oaktree Capital, Duologi offers merchants the chance to increase their sales, boost customer satisfaction and grow profitability through the delivery of tailored point-of-sale finance options.

(Source: Duologi)

Almost 9 in 10 finance companies could be eligible for Research and Development (R&D) tax relief on new products and services but only 41% of them have ever claimed, Catax has revealed.

Businesses in the finance sector are missing out on millions of pounds even though 89% of them have developed new products or business process in the last two years, spending an average of £351,594 on these innovations, research shows.

This means these companies are in line for valuable R&D tax relief that the government provides to encourage innovation.

But despite three quarters (77%) of finance firms being aware of R&D tax relief, less than half report ever claiming it, the Catax study shows. This is either because they don’t think they qualify or they incorrectly believe that it is expensive and time consuming and ‘would not know where to start’.

A quarter of finance businesses do not realise they can claim R&D tax relief if they develop a new product or service while more than a third of the business managers said they ‘did not know’ if their firm had ever made a claim, according to the Censuswide survey.

The national average for the number of firms that have ever claimed is 36.8%, which puts finance companies ahead of many other sectors despite the fact they are missing out on a huge number of claims.

Executives believed the average value of an R&D tax relief claim in the first year to be just £27,254 when the true figure is almost double that, at £49,000 for firms in all sectors nationwide. R&D doesn’t even have to have been successful to qualify and claims can be backdated at least two years.

Catax CEO, Mark Tighe, commented: “The finance sector is missing out on tens of millions of pounds in R&D tax relief each year – despite claiming to be experts in finance. Many companies still think that R&D is all about science laboratories and test tubes and simply do not relate it to their own innovations.

“We need to get away from this way of thinking. The vast majority of finance companies invest hundreds of thousands each year on developing new products and services which would make them eligible and yet less than half are actually claiming.

“Finance executives looking to improve margins and efficiencies must take a proper look at their R&D tax relief entitlements. Most good R&D tax relief specialists will work on a commission basis so concerns over costs should be dismissed.

“New products and services do not even have to have been successful to quality for R&D tax relief because it is all about encouraging innovation.”

R&D tax credits can help to reduce a limited company’s corporation tax bill or be claimed as a cash sum reimbursement from the HMRC. R&D tax relief only applies to those businesses that are liable for corporation tax, including businesses making a loss.

(Source: Catax)