Our client is a finance company that provides loans to small and medium-sized enterprises (SMEs). With a drive to improve the experience for customers, the company has been investing heavily in research and development to improve its lending platform and customer experience. They approached us to help them maximise their R&D tax relief claim.
Our team of R&D tax relief specialists got straight to work. We dug deep into the company’s R&D activities to identify eligible projects and expenses. We worked closely with the company’s development team and finance department.
How We Helped
Following this, our expert team found that the finance company had been working on a new loan origination system that would streamline the loan application process, reduce manual processes, and improve data accuracy. And that wasn’t all – they had also been enhancing their credit risk assessment algorithms to make credit scoring more accurate and reduce the risk of default.
After carefully reviewing all the costs associated with these projects, including staff costs, subcontractor costs, software development costs, and consumables, we created a detailed R&D tax relief claim. We made sure to include all the eligible activities and expenses and then submitted the claim to HMRC on behalf of the company.