We worked for a tech-enabled direct home buyer which allows individuals to sell their property without worrying about middlemen or uncertain buyers. As the direct buyer, the business is able to provide a binding offer, facilitate the notary process, take care of legal fees, and give sellers the flexibility to establish a defined completion date that works for them.
The Managing Director of this tech-enabled business was introduced to us through a strategy consultant who had already been working with them. Initially, the MD was looking for the support of a Financial Controller, however, after our initial meetings, it soon became apparent that there was an urgent R&D tax work project and so we were engaged to provide a single person project to:
• Review 2 years of financial accounts
• Assess what could be treated as qualifying R&D spend
• Help prepare relevant analysis, summaries and presentations for use in the claim
• Liaise with the external accountants to ensure filing was correct
• Answer detailed questions and responded to challenges from HMRC
• Re-work the analysis and negotiate to a final resolution with HMRC.
The Engagement
Within four elapsed weeks and six days’ work we put together the first 17-month financial statements and submitted to HMRC an R&D tax credit claim as part of the corporation tax return, all within two months of the financial year end. The computation of the R&D tax credit was very detailed involving a review of 3,600 expenditure transactions for the 17-month period.
There was a degree of complexity arising from the group’s legal structure. We had to organise intercompany revenue shares and recharges between international entities. We provided a template arms-length service agreement for IMMO to formalise the legal relationships. A cross-charging mechanism and wording was also developed to ensure intercompany charges levied by the owner of the IP. These were created to ensure they can be rolled out across the group as new entities are set up across Europe and world-wide.
Outcomes
Following our intensive project, HMRC agreed to a £199,000 R&D tax credit claim for FY2018 split across two tax periods.
We also identified a £30k R&D leakage and advised on future-proofing options for individuals and for the company.
Scintacor (formerly Applied Scintillation Technologies) is a successful British company and the world leader in phosphor and scintillation technology, which allows the conversion of different radiations into light for imaging and detection. The growing demand for their expertise meant that Scintacor decided it was time to look for further investment into the business, which is where Numitas was able to help.
GeoSpock is an extreme-scale spatial big data platform company that provides analytics, visualisation and builds insight for four main verticals: location based mobile advertising, telecommunications, connected cars, and smart cities.
AIM-listed Ubisense was founded in 2002 and is a high growth, Cambridge-based technology firm. Its highly specialist expertise serves 500 customers in 50 countries with enterprise location intelligence products and solutions that help them with their high value manufacturing operations.
For example, its work with automotive firms BMW and Aston Martin and with aerospace giant Airbus, enables specific components and tooling to be located and supplied automatically to a manufacturing location, using state of the art, ultra-wideband radio technology.
Our client is a SaaS business delivering real time data and information to the NHS and helping to manage patient footfall through its mobile app. The company currently turns over £2m and employs some 35 people onshore UK with an outsourced development centre in India.
i-graduate surveys international student opinion about different universities, then tracks and benchmarks the data, delivering comparative insight to the education sector worldwide, in order to help institutions deliver a world class student experience to enhance competitive advantage.
Scintacor (formerly Applied Scintillation Technologies) is a successful British company and the world leader in phosphor and scintillation technology, which allows the conversion of different radiations into light for imaging and detection. The growing demand for their expertise meant that Scintacor decided it was time to look for further investment into the business, which is where Numitas was able to help.
GeoSpock is an extreme-scale spatial big data platform company that provides analytics, visualisation and builds insight for four main verticals: location based mobile advertising, telecommunications, connected cars, and smart cities.
AIM-listed Ubisense was founded in 2002 and is a high growth, Cambridge-based technology firm. Its highly specialist expertise serves 500 customers in 50 countries with enterprise location intelligence products and solutions that help them with their high value manufacturing operations.
For example, its work with automotive firms BMW and Aston Martin and with aerospace giant Airbus, enables specific components and tooling to be located and supplied automatically to a manufacturing location, using state of the art, ultra-wideband radio technology.
Our client is a SaaS business delivering real time data and information to the NHS and helping to manage patient footfall through its mobile app. The company currently turns over £2m and employs some 35 people onshore UK with an outsourced development centre in India.
i-graduate surveys international student opinion about different universities, then tracks and benchmarks the data, delivering comparative insight to the education sector worldwide, in order to help institutions deliver a world class student experience to enhance competitive advantage.
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