Case Study

Tanridge Capital

- Sep 24, 2024
- read

About the client

Tanridge Capital is an asset management company specialising in foreign exchange (FX) investment and hedging strategies founded by entrepreneur and financial expert Moises Portillo, whose high-profile career includes working at JP Morgan, Goldman Sachs, and Citibank.

The Benefit

Tanridge Capital uses data-driven, algorithmic models to make trading decisions systematically, taking the emotion out of decision-making based on market data and risk management. These systematic models are constantly refined and enhanced, requiring a constant development process to ensure they’re up-to-date and competitive.

Relying on tax credits for funding investment in R&D, they were looking for help with navigating HMRC’s new rules after the R&D Tax Credits scheme was updated. The problem was that HMRC also lacked a thorough understanding of the technology behind systematic trading, so they needed a partner who could explain their work and demonstrate how their projects qualified for R&D relief.

That’s why they turned to Leyton. Leyton’s team of technical and accounting experts put together several robust claims, bridging the gap between HMRC’s complex rules and Tanridge Capital’s innovative technology.

What attracted you to working with Leyton UK?

“Our work is complicated, so one of the biggest things we’ve needed support with is educating HMRC on what we do and our R&D projects. Leyton has been very helpful. They understand very well what we do and has been able to put our case in front of HMRC.”

What did you think of the Leyton UK team who supported you?

“Nabeel and the team have been great. Leyton has very capable people, and the team has clearly defined roles, from technology to accounting experts. Everything we do relies on our technology, so having technical experts that understand the finance sector is so important. They’re all very precise, which means the claims process becomes very simple. They’ve helped me get all the documents together, we’ve been able to answer each other’s questions, and there’s always follow-up.”

Do you have a highlight from working with Leyton UK?

“Leyton has created a very comfortable working relationship. I’m very busy, always dealing with people in different time zones and Leyton has really understood this.

I like the fact that I’m able to reach out to the team, even on WhatsApp if needed. Coming from large banks, I’m used to formalities, but Leyton’s people are very efficient, and their way of working makes a lot of sense. It’s made things very flexible for me and has helped to move things quickly. That’s a huge benefit.”

What would you describe as the main benefit of working with Leyton UK?

“They’ve helped me be able to navigate the new framework with which HMRC is working with.

Leyton is a one-stop-shop. Whether it’s putting together the R&D claim, talking to HMRC, helping with mediation, or whatever it might be, I know that I’ve got a partner steering me towards success.

And Leyton understands us, and they believe in us as well. That’s really important.”

What would you say to convince others about the benefits of R&D Tax Credits?

“If you’re going through the hassle of doing all the R&D, you may as well reap the tax benefits. There are lots of new companies coming in who are working in software development within finance and building new infrastructures into their technologies for this new world that we have – and they’re not aware of the R&D benefits available. But if you’re putting the investment in, you need to maintain cash flow somehow, and Leyton can help walk you through everything to get you started.”

Would you recommend Leyton UK?

“Absolutely! I already have and I’ll continue to.

Without R&D Tax Credits I wouldn’t be doing research and development, so having the right partner is key.

Leyton has the talent and the resources, and that makes them a well-run operating machine. Their relationship with HMRC is also very valuable. They’re a member of HMRC’s consultative committee, and they’re completely on top of the new framework. They’ve always been able to provide solutions when HMRC comes back with queries.

And they’re so easy to work with. It’s like having a plugin to help me communicate with HMRC. Our partnership has freed me up so that I’m not just dealing with the R&D claim, I also have more time to manage the company.”

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Our in-house team of highly experienced scientists, engineers, tax consultants and attorneys would love to answer all your questions and help you make the most out of your R&D efforts.

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