Pennyhills truly demystified R&D Tax Credits for us. As a company making our first claim, their expertise and efficient process were invaluable, helping us unlock significant funding to drive our innovation forward. We highly recommend them!
Case Study
SaaS First R&D Tax Credit Claim
Onetrace Ltd
Industry: SaaS, Technology
Location: East London
Est. 2019
Team Size: <50
First R&D Tax Credit Claim
The Challenge
Onetrace Ltd, a dynamic and innovative company in the construction technology sector, was continuously developing cutting-edge software to streamline construction operations. From enhancing their all-in-one platform to improving how field teams manage jobs, assets, and compliance, their investment in innovation was significant. However, like many pioneering SMEs, Onetrace was new to the concept of R&D Tax Credits and unaware that their ongoing software development activities could qualify for this valuable government incentive. Their challenge was twofold: first, identifying that their work indeed constituted qualifying R&D, and second, navigating the complex process of making their very first R&D tax credit claim to ensure they captured all eligible expenditure and maximised their benefit under evolving HMRC guidelines.
Pennyhills’ Solution
Pennyhills partnered with Onetrace Ltd to demystify R&D Tax Credits and guide them through their inaugural claim. Our comprehensive solution focused on:
Educating and Identifying
We began by clearly explaining the R&D tax credit criteria, engaging directly with Onetrace’s development team. This allowed us to collaboratively identify the specific technological advancements and uncertainties addressed in their platform – such as optimising asset tracking, enhancing real-time compliance features, or improving remote team collaboration tools – ensuring their work met HMRC’s definition of R&D.
Meticulous First-Time Claim Preparation
Our experts conducted a thorough financial analysis, identifying all eligible direct and indirect costs associated with these R&D activities, which Onetrace might not have previously considered as ‘R&D expenditure’. We ensured the claim was robust, compliant, and maximised for a first-time submission.
Strategic Technical Reporting
We crafted a clear, concise, and technically accurate report detailing their R&D activities. This report effectively articulated the innovative aspects of their software development in line with HMRC’s strict criteria, setting a strong precedent for future claims.
End-to-End Submission & Support
Pennyhills managed the entire submission process, from preparing all necessary documentation to filing the claim with HMRC. We provided Onetrace with complete peace of mind, allowing them to focus on their core business of innovating and supporting their construction clients without the administrative burden.
Key Results & Impact
By leveraging Pennyhills’ specialist R&D tax expertise, Onetrace Ltd successfully secured a significant first-ever R&D Tax Credit claim. This substantial financial injection provided crucial capital that Onetrace could reinvest directly back into further enhancing their innovative platform, accelerating the development of new features, and strengthening their market position. The collaboration not only resulted in a valuable tax benefit but also provided Onetrace with a clear understanding of their ongoing R&D qualifying activities, empowering them to consistently leverage this incentive for their future growth.
Ready to get started?
Don’t miss out on vital funding. Speak to our R&D specialists to assess your eligibility now!