Pennyhills truly opened our eyes to the R&D Tax Credit scheme. We had no idea our FinTech development qualified! Their expertise, patience, and diligent approach secured us a significant claim we thought was impossible. They are true specialists in this field.
Case Study
First R&D Tax Credit Claim
Abex Capital Ltd
Industry: FinTech, Investment Management
Location: Central London
Est. 2023
Team Size: <20
First R&D Tax Credit Claim
The Challenge
Abex Capital Ltd operates at the cutting edge of financial technology, developing sophisticated platforms and algorithms to deliver advanced investment management solutions. Their work involves significant innovation, particularly in areas like data analysis, predictive modeling, and the automation of complex financial processes. Despite their continuous investment in technological advancements, neither their board of directors nor their technical team were aware that their activities could qualify for R&D Tax Credits. They believed R&D relief was solely for traditional ‘scientific’ labs, completely overlooking the innovative development within their FinTech operations. The challenge was therefore to educate Abex Capital about their eligibility and guide them through the process of making their very first R&D tax credit claim, ensuring all qualifying innovation was accurately captured and maximised.
Pennyhills’ Solution
Pennyhills proactively identified the significant R&D potential within Abex Capital’s operations and partnered with them to unlock this overlooked opportunity. Our solution focused on:
Educating and Uncovering Hidden R&D
We initiated the process with a series of in-depth discussions, not only with the technical team but crucially with the board and key stakeholders. We explained the broad scope of R&D Tax Credits, demonstrating how their development of novel algorithms, automated trading systems, or unique data aggregation tools clearly constituted qualifying R&D, dispelling their prior misconceptions.
Forensic Identification of Technical Uncertainties
We worked closely with their technical experts to identify the specific technological uncertainties they were attempting to overcome and the advances in science or technology their solutions achieved. This included delving into the complexities of their platform development, data security protocols, and real-time analytical capabilities.
Comprehensive First-Time Claim Preparation
Our team meticulously analysed their expenditure records, identifying all eligible costs associated with these previously unrecognised R&D activities. We prepared a robust and technically sound R&D tax credit claim, clearly articulating the innovative aspects of their FinTech development in a language compliant with HMRC’s exacting standards.
Seamless HMRC Submission & Support
Pennyhills managed the entire submission process, from crafting the detailed technical and financial reports to filing the claim with HMRC. This alleviated any administrative burden from Abex Capital, allowing their technical and strategic teams to remain focused on core business and further innovation.
Key Results & Impact
By collaborating with Pennyhills, Abex Capital Ltd successfully secured a substantial first-ever R&D Tax Credit claim, unlocking significant financial resources they were entirely unaware of. This substantial cash injection provided crucial capital, which Abex Capital could strategically reinvest into further developing their cutting-edge FinTech platforms, accelerating their market growth, and enhancing their competitive advantage. The partnership not only delivered a powerful financial benefit but also educated their leadership and technical teams, empowering them with the knowledge to proactively identify and document future R&D, ensuring continuous maximisation of this vital incentive.
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