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Rise of the Fintech Industry in Wales

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Wales has the fastest growing digital economy outside of London, and the growth of the financial and professional sector in Wales has led to a thriving Fintech industry.

Historically, the financial service sector was generally slow to embrace change and adopt new technologies. However, the accelerated pace of technological advancement has infiltrated and disrupted the traditional financial services sector in Wales, as key players recognise the benefits of new technologies.

In fact, Fintech companies are characterised by their high levels of innovation and investment in cutting edge technology platforms. Despite this, many start-up companies, particularly in the Fintech arena, are unaware that they could get up to 33% cash benefit from R&D credits. Whilst the Fintech sector is largely digital, there are numerous opportunities to claim such tax credits.

The Welsh fintech scene is now one of the most active in the UK thanks to its innovative talent pool and growing investment opportunities. Wales’ thriving tech ecosystem with its growing supply chain combined with entrepreneurial universities provides a firm foundation for fintech to thrive.

With Welsh fintech hubs located in Cardiff and Newport, Swansea and Wrexham, almost 40,000 people are actively employed within the fintech industry in Wales. The technology sector is worth an estimated £8.5bn to the Welsh economy, and it is continuing to grow with financial and professional services in tow.

There is a vibrant community in Wales’ technology scene, which allows start ups, investors and larger companies to meet and share ideas through accelerators and incubators as well as networking events and flexible workspaces.

Furthermore, Wales is home to the first financial technology undergraduate degree.

With the changing economic and technological climate in Wales, financial services and the technologies that run them will continue evolving to meet newer and faster-changing demands. The agility required in the financial markets of the future will require new innovations in technology and systems.

The opportunities and potential for the Fintech sector in Wales are rich and varied, and the research and development necessary to create these technologies and systems therefore produces opportunities for the R&D Tax Credits.

Matthew Jones, managing director at LimestoneGrey, Wales’ dedicated R&D tax credit specialists commented: ‘It is an exciting time for the Fintech community in Wales, with many opportunities and support systems available for companies.

The introduction of the Fintech Wales Awards by Recruit 121 is the first awards ceremony dedicated to celebrating Fintech companies in Wales which is testimony to its increasing presence and importance.

LimestoneGrey are proud to be supporting the event by sponsoring the ‘Best New Product’ category.

The awards will take place at the Tramshed in Cardiff on 19th July, and with Confused.com confirmed as the principle sponsors, the event will only further boost the sector’s profile. If you are interested in entering the awards or attending the event, visit www.fintechawardswales.com.’

LimestoneGrey are Specialist Chartered Tax Advisors. We specialise solely in the niche area of R&D Tax Credits and have a deep understanding and a wealth of experience in securing R&D tax relief for our clients. we work hard to inform Welsh businesses of their entitlements. So, if you want to discuss R&D Tax matters, call us today.

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LimestoneGrey is not your average tax consultancy. As the only firm of Chartered Tax Advisers dedicated to R&D tax credits in Wales, we pride ourselves on our refreshingly unique approach to Research and Development (R&D) tax credits which makes the claim process simple and straightforward.

We specialise exclusively in R&D tax credits – this level of specialism provides us with a more thorough understanding of the tax legislation, HMRC practice and how it could impact your business. Based in South Wales, we are passionate about helping Welsh companies from all sectors successfully claim what they are entitled to, which often equates to tens of thousands of pounds or more.

We appreciate that the claim process can be a little overwhelming. There is so much information available that it is hard to know where to begin. Our Chartered Tax Advisers provide a complete R&D service ensuring your claim is fully optimised, providing you with peace of mind and confidence, whatever your industry, size or structure.

More companies qualify for the relief than you may first think. You do not need to be undertaking cutting edge research to make a claim – this is the biggest misconception surrounding R&D tax credits. You simply need to demonstrate that your company has undertaken work which was not routine or easy to achieve. Our experienced advisers can help pull all the necessary information together and present it in the correct way.

All this can be done risk free – if you do not receive a benefit then LimestoneGrey won’t charge you anything! Contact us to speak to one of our specialist Chartered Tax Advisers

 

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