£199,297 secured for RDvault’s novel Real-Time AI-Enhanced R&D Tax Credit Eligibility Assessor platform

Introduction to RDVault

Founded in 2017, RDVault is a Manchester-based organisation helping businesses benefit from HMRC’s R&D tax incentives. Their innovative SaaS platform empowers SMEs to compile all the necessary R&D information for an HMRC compliant claim, eliminating the need for time consuming and costly accountants. RDvault were the first R&D claims platform to launch globally on the Xero marketplace in 2019 and have received several industry awards for their disruptive innovations.

Problem

R&D Tax Credits provide a crucial lifeline to UK small businesses, however HMRC's heightened scrutiny and stringent approach, combined with lengthy delays from potential challenges, enquiries and penalties discourage legitimate claimants.

Opportunity

RDVault’s existing R&D tax credit platform enables SMEs to compile their own comprehensive R&D information, ensuring compliance with HMRC standards. Nonetheless, the claims process remains retrospective, leaving room for uncertainty and possible payment delays for SMEs that are struggling in the current economic climate. 

Solution

To address the challenge, RDVault developed a novel ‘Real-Time AI-Enhanced R&D Tax Credit Eligibility Assessor’ technology. The platform harnesses the potential of Machine Learning, Natural Language Processing and Robotic Process Automation technologies to extract priceless insights from R&D narratives and contextual information, enabling the real-time reconciliation of R&D activities with financial data and ensuring precise record-keeping and continuous alignment with eligible activities throughout the active and live claim period.

Result

The collaboration between RDVault and Grant Up proved to be a resounding success, securing the crucial £199,297  grant funding required to advance the project. This financial support has enabled RDVault to make significant strides in the development and implementation of their novel platform, addressing the unmet needs of innovative SMEs.