How we saved a client over £20m

eis r&d tax relief
Jul
25
Posted 2022 by Jane L

Who is SafeToNet?

SafeToNet is a software development company, dedicated to keeping children safe online, and thereby offering reassurance to parents. It employs around 250 staff in the UK and internationally. As a SaaS company, it sells its software protection products to businesses including large telcos for their end customers, and also to personal customers through direct download.

What business challenges did SafeToNet face?

SafeToNet were looking to expand their operations and needed to raise capital to grow. As a result of this growth, they expanded their global reach into Germany, US and Canada.

How did UHY Ross Brooke help with this?

how we reclaimed £21.5m for a client
how we reclaimed £21.5m for a client

UHY Ross Brooke produced up-to-date sets of accounts at short notice to help with the fund raising, and their advice and actions helped SafeToNet raise significant capital for future software development.
They applied for EIS tax relief on SafeToNet’s behalf, who have raised £20m in EIS eligible investment over several years.

UHY Ross Brooke produced the accounts for SafeToNet and then prepared and submitted the R&D tax claims at the end of each tax year.

As a member of UHY International, UHY Ross Brooke have access to accountants, tax contacts and business advisors globally. Their recommendations from within the UHY network have saved the SafeToNet directors many hours of searching and anxiety, by finding other trusted and reliable partners to work with abroad.

What our client says

“UHY Ross Brooke have been fantastic at producing our accounts so quickly whenever we need them. They have helped us out on many occasions since 2014, and we have never had any problems receiving our R&D tax credits back from HMRC promptly and in full.

The team at UHY Ross Brooke always have someone sensible to bounce an idea off, someone you trust to give an honest answer, and they are a firm of accountants who get things done quickly.
Their work and insights help us to expand, to control our overseas subsidiaries and acquire new businesses. We are currently considering an opportunity for expansion in Egypt and we now have contacts in the UHY Cairo office to guide us.

A big thank you to the UHY Ross Brooke team, and especially to Phil Kinzett-Evans for his tax knowledge, to Emily Ness, and Jonathan Anthill in Abingdon who has done our accounts for the last 3 years and is reliable and asks intelligent questions.”

Ted Hailey
CFO of SafeToNet

Result

  • £2.5m in R&D tax credits
  • £20m in EIS tax relief
  • Peace of mind with global advisers
  • Delighted with our UK accountants since 2014

Final words?

“I can’t recommend UHY Ross Brooke highly enough. We have complete trust in you, and you support us with great professionalism and service. I would recommend you to any growing technology company which is looking to expand.”

Ted Hailey
CFO of SafeToNet

Chat to us

If you’re interested in any of the above, including EIS tax relief, R&D credits, or just finding a new accountant and business advisor to guide you, please get in touch. We’d love to hear from you.

You can also download SafeToNet’s feedback as a pdf here.