Financial technology is one of the sectors cited in the IFS2020 paper as a key area in ensuring the continued development and operational efficiencies in the financial services sector*. Ireland has a favourable Research & Development (R&D) tax credit which allows a 25% Tax Credit for companies carrying out R&D activities. Our sector-specific expertise allows us to identify eligible activities at the underlying technology level, and identify the technological advancements in the development of financial products or services.
General IT and Software-based R&D activities that may be eligible for a claim:
Processing power, improving system performance, memory management;
Development of a new operating systems new software framework and/or architecture
Developing new generic methods of capturing, transmitting, storing, retrieving or manipulating, searching or securing data;
Development of software to run new types of computer hardware, particularly where there are conflicts between hardware and software g. online transactions and card payments;
Development of new programming languages or software development tools or the development of significant extensions to an existing language
Development of new technologies for use in application software g. Algorithm design
Interoperability 3rd party products, simulation and motion capture, concurrency, AR and VR.
Is the company using opensource software (and therefore not eligible)?
The company can still be eligible if they extend or further develop it to overcome limitations/deficiencies. 80% of claims nowadays involve some level of opensource and this still is eligible.
Is the company using existing software languages (and therefore not eligible)?
Almost all companies use existing software languages and they could still be eligible. It is not what language they use but rather what creative uses they find with/for it. 99% of claims nowadays involve some existing software languages.
Is the company using existing tools and or libraries (and therefore not eligible)?
If the company has further developed or extended these tools and or libraries, they could be eligible.
Do internal processes qualify?
Many large companies do internal software development for internal processes. This could be eligible but is usually overlooked.
Expenditures can include wages, third-party contractor cost (contractor performing R&D in EEA), materials, machinery, equipment, and overheads.
*IFS2020: A Strategy for Ireland’s International Financial Services sector 2015-2020 (Published March 2015)
Get Innovation Funding Today
Engage our experts to optimise your R&D claim process, manage the compliance burden and reduce uncertainty
Contact Us
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
