R&D
YourOcto Ltd
Industry: Technology
Location: Loughborough, Leicestershire
Est. 2020
First R&D Tax Credit Claim
The Challenge
Your Octo Ltd is an innovative digital solutions provider, focusing on developing platforms and tools that streamline and enhance online experiences for their users. Their work involves significant technological development, often pushing the boundaries of existing solutions to create more efficient, intuitive, and feature-rich digital products. Despite their continuous investment in developing novel features, complex integrations, and proprietary software, Your Octo Ltd was unaware that their ongoing technical innovation qualified for R&D Tax Credits. They were a lean, owner-managed company focused on rapid development and market penetration, and the complexities of tax incentives were not on their radar. The challenge was to introduce them to the R&D scheme and guide them through their initial claim, ensuring they captured all eligible activities to benefit from this crucial government support.
Pennyhills’ Solution
Pennyhills identified Your Octo Ltd’s eligibility for R&D Tax Credits and provided comprehensive support for their inaugural claim. Our solution included:
Proactive Eligibility Assessment & Education
We engaged with Your Octo’s founders and technical team to understand their platform’s development journey. We highlighted how their efforts to overcome specific technical uncertainties – such as unique data processing challenges, complex algorithm development, or novel user interface functionalities – constituted qualifying R&D, clearly articulating the benefits they could access.
Thorough Identification of R&D Projects & Expenditure
We worked closely with their team to systematically review their past and ongoing development projects. This meticulous process allowed us to identify all qualifying R&D activities and associated expenditures, including developer salaries, cloud infrastructure costs, and specific software tools, ensuring a comprehensive and accurate claim.
Detailed Technical & Financial Reporting
We translated their technical achievements and financial outlays into a precise and compelling claim document, complete with detailed technical reports that met HMRC’s stringent requirements. This ensured their innovative work was clearly communicated and robustly supported.
Full Claim Management & HMRC Interface
Pennyhills took full responsibility for preparing and submitting the R&D tax credit claim to HMRC. Our end-to-end service meant Your Octo Ltd could remain focused on their core digital development and expansion, confident that their claim was expertly managed.
Key Results & Impact
Through Pennyhills’ specialist R&D tax expertise, Your Octo Ltd successfully secured a significant first-ever R&D Tax Credit claim. This unexpected yet substantial financial injection provided invaluable capital, which Your Octo could directly reinvest into further developing their innovative digital platforms, accelerating their product roadmap, and driving market growth. The collaboration not only delivered a powerful financial boost but also empowered Your Octo’s leadership with the knowledge to continuously identify and leverage R&D Tax Credits as a strategic funding mechanism for their ongoing technical advancements.
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