Successful R&D claims should be celebrated loud and long and not just because of the financial benefit they bring to the recipients but because they send a clear message to other innovative businesses that they too can get a tax rebate which may be vital for cashflow and further development. They also currently demonstrate that the UK is an attractive place for innovative companies to do business.
That’s the view of Greville Lucking, Chief Operating Office at embonds (Emerging Markets Bond Exchange Ltd) who instructed Francis Clark Tax Consultancy (FCTC) to help prepare their case for R&D Tax Relief.
“We are members of Level 39, a Canary Wharf based community of fintech businesses which is Europe’s largest technology accelerator space for finance, cyber-security, retail and smart-city technology companies. Many of the businesses located there would undoubtedly qualify for R&D tax relief if they knew more about it. There is a perception that it is complicated and difficult to achieve whereas in reality if you assemble the right team with the right expertise and experience, it is a fairly straightforward process.”
Based in London and with a development team located in Istanbul, embonds is the world’s first electronic trading platform dedicated to trading emerging market bonds. The business has made a significant investment in developing new software to deliver their service helping to provide a one-stop-shop for asset managers involved in emerging markets debt.
The business is FCA regulated and is backed by IFC, part of the World Bank Group, and Earlybird Venture Capital, which have committed which have committed significant funding to support embonds’ expansion.
Greville Lucking said:
“I had worked with Stuart Rogers from FCTC in a previous capacity and was well aware of his knowledge and experience of the intricacies of how HMRC works and I wanted to tap into that.
“Stuart and his team helped to identify the actual costs of the research and development and establish that the claim was legitimate and fulfilled the necessary criteria. He analysed all the cost elements, provided the narrative for justifying each piece of the claim to HMRC and completed and submitted the tax return.
“It took some months to achieve but FCTC’s diligent, expert and helpful support made for a good and satisfying experience. It also resulted in a significant tax rebate at a time when we are seeking to invest in further expanding our global services.”
Stuart Rogers added:
“embonds has only been established for some 18 months albeit by highly experienced and capable fintech entrepreneurs. Their unique service requires innovative technology which can be tax advantageous if presented to HMRC in the right way.
“Tax refunds of this type can be real lifeblood particularly to start-up businesses where they need every penny they can get to invest for growth. In this respect, embonds is a model that many other businesses can follow.”
Further information about embonds is available at https://www.embonds.com/