FinTech founders are under constant pressure to fund innovation without sacrificing runway or control. In that context, R&D tax relief remains one of the most valuable sources of non-dilutive funding available. But it’s also an area where the rules, process and level of scrutiny have all changed significantly.
At HaysMac, we work with ambitious, fast-growth FinTech businesses to help them secure the relief they’re entitled to, in a way that’s robust, well-evidenced and built to stand up to HMRC review. That means translating complex technical work into clear, credible claims, giving you confidence in your forecasting, and keeping the internal admin burden as light as possible.
In this short article, we’ve summarised the key points FinTech founders need to know for 2026 and what they mean in practice.
New Merged R&D Scheme and Changing Relief Rates
For accounting periods starting on or after April 2024, most companies, including FinTechs, now fall under the revamped R&D Expenditure Credit (RDEC) scheme, offering a 15–16% net return on qualifying expenditure. Loss‑making, R&D‑intensive businesses may qualify for the more generous Enhanced R&D Intensive Support Scheme (ERIS), providing relief of up to 27% of qualifying expenditure.
What this means for founders: Your topline rate of relief may differ significantly from previous years. Establishing whether your business is likely to hit the ERIS threshold early is vital for reliable forecasting.
HMRC Compliance Activity Remains High
FinTech sits in a cluster of software‑heavy sectors receiving the highest volume of R&D enquiries from HMRC. While FinTech businesses often innovate in areas such as AI, machine learning and Web3 – all critical to the UK financial services sector’s competitiveness – HMRC’s compliance approach continues to treat software-based R&D claims as “high risk”. This is because their reviews of claims have noted commonplace issues in separating innovations in product or service from those in the underlying technology. However, it should be noted this scrutiny is about reducing errors, not deterring legitimate claimants.
What this means for founders: Expect more questions, more evidence requests, and a higher bar for technical justification. Claims that rely heavily on algorithm development, data processing, system integration, or user‑facing features will be more likely to face detailed scrutiny.
Pre‑Notification Requirements Can Catch First-Time or Infrequent Claimants
A major process change is the introduction of the Claim Notification Form (CNF). All claimants must now notify HMRC of their intention to claim within six months of the end of the relevant accounting period, unless they meet specific exemption criteria. Missing this step can invalidate an entire claim, even if the work otherwise clearly qualifies.
What this means for founders: You must plan R&D claim activity early in the financial year. Late awareness of the CNF requirement is quickly becoming one of the most common reasons we see for Tech businesses being unable to claim.
Conclusion: R&D Relief is Still Valuable but the Bar is Higher
FinTech remains an innovation‑driven sector that qualifies for R&D relief, but the landscape is more complex than ever. Tighter rules, higher scrutiny, and shifting eligibility criteria mean founders must take a proactive, well‑documented, and informed approach to R&D claims.
If you’re planning to claim, or want to sense-check whether you should, an early conversation can make the difference between a smooth, successful submission and an avoidable delay or challenge.
HaysMac’s R&D tax relief team can help you:
- Assess eligibility early (including whether you may meet the ERIS threshold)
- Build a strong technical narrative and supporting evidence that’s right for software-heavy FinTech innovation
- Get the process right first time, including claim notification and documentation
- Reduce disruption for founders and finance teams, with a clear and structured approach from start to finish
To discuss your R&D plans and what’s claimable, please contact Karen Allen or Jack Williams.
