case-studies

R&D Enquiry Success Story – FIMATIX

FIMATIX is a technology consultancy specialising in digital transformation solutions for the public and private sectors. Their expertise spans software development, data solutions, and service delivery, with a strong track record in delivering complex, high-value technology projects.

FIMATIX partnered with FI Group to prepare and submit an R&D tax relief claim that accurately captured their innovation activities while complying with HMRC’s requirements.

The Challenge

Shortly after the claim submission, FIMATIX was selected for an HMRC compliance check. This is a rigorous process that can place significant demands on a company’s time and resources. In this case, the enquiry lasted 18 months, requiring:

• Detailed technical explanations of sought technological advances and associated uncertainties across multiple software projects
• Relevant arguments to prove qualifying R&D activities
• Explanation of financial analysis and claimed costs
• Communication with relevant stakeholders and caseworkers at HMRC. Without experienced representation, many businesses face reduced claims or rejections. The priority was protecting R&D tax credits while ensuring HMRC had complete clarity on the work FIMATIX had undertaken.

Our Approach to R&D Enquiry Success

FI Group’s R&D Tax Lead for Software & IT, Gabriel Aduculesei, led the defence process. Gabriel brought a combination of deep technical expertise in software and a strong track record of successfully handling HMRC enquiries.

Our structured approach included:

• Immediate meeting with client to discuss plans forward and identify blockers to our response.
• Follow-up summarisation of next steps, including deadlines and required input from client
• Proactive engagement with HMRC and client to ensure a response is being prepared in a timely manner.
• Completion of entire enquiry response and review with client.
• Submission and post-response support & HMRC chasing.

FI Group maintained close communication with FIMATIX leadership team, ensuring they were supported, informed, and confident throughout the process.

The Outcome of the R&D Enquiry

Following 18 months of detailed scrutiny, HMRC approved the FIMATIX R&D claim in full. This was a clear R&D enquiry success story, demonstrating that a well-prepared and expertly defended claim can withstand even the most thorough HMRC review.

Client Testimonial

“We have been incredibly impressed with FI Group and the support they have provided as our R&D tax advisors. From the outset, they helped us carefully identify the qualifying elements of our projects, guiding us with clear advice and deep technical understanding.

Throughout the claim compilation process, their team was proactive, thorough, and always available to answer any questions we had.

What truly set FI Group apart was their exceptional commitment during an unexpected HMRC compliance check. Over an 18-month period, they stood by us, offering expert guidance, detailed documentation, and constant reassurance. Their dedication and professionalism went far beyond what we expected, and were instrumental in achieving a positive outcome.

We would not hesitate to recommend FI Group to any business looking for knowledgeable, responsive, and genuinely committed R&D tax advisors.” – Tim Howarth, CEO of Fimatix

Why It Worked

The R&D enquiry success was achieved through:

• Deep sector expertise in software and IT R&D claims
• Meticulous documentation ensuring no aspect was left unaddressed
• Proactive defence strategy anticipating HMRC’s requirements
• Close client collaboration for complete accuracy and transparency

Consultant Insight

“When HMRC opens a compliance check, preparation and clarity are everything. Our role is to ensure HMRC fully understands the technological advances and uncertainties the client has addressed. By combining technical precision with clear communication, we help protect R&D tax credits and ensure innovative work is recognised.”
– Gabriel Aduculesei, R&D Tax Manager, Software & IT

Frequently Asked Questions

How long does an HMRC R&D tax enquiry take?

An HMRC R&D compliance check can last from a few weeks to over a year, depending on complexity. In FIMATIX case, the process took 18 months for R&D enquiry success. Expert representation can help reduce delays.

Why might HMRC open an enquiry into an R&D tax claim?

Reasons can include inconsistencies in submissions, large claims relative to the business size, or lack of sufficient technical evidence. Some checks are also random.

How can I prepare for an HMRC R&D compliance check?

Ensure your claim is accurate, supported by robust evidence, and written in language HMRC understands. Working with FI Group ensures your claim is compliant and ready for any scrutiny and ensures HMRC R&D enquiry success.

What happens if HMRC challenges my R&D tax claim?

You may be required to supply more documentation and technical detail. FI Group manages the process, engages with HMRC directly, and defends your claim to secure the best possible outcome.

Case Study: FI Group UK Supports Stablepharma’s Successful EIC Accelerator Submission

Background

Stablepharma Ltd, a London‑based biotech innovator, was awarded a €2.5 million EIC Accelerator grant on 19 February 2025. This recognised their StablevaX™ platform, a thermostabilisation technology enabling fridge‑free vaccines that addresses global cold‑chain logistics and wastage challenges. The award selected Stablepharma among 71 companies from 16 European countries, from a record 1,211 proposals submitted in 2024.

Challenges Faced by Finance Leadership

• Convincing Excellence, Impact & Risk Criteria: CFOs in deep‑tech biotech sectors face rigorous scrutiny in articulating excellence, societal and commercial impact, and risk mitigation in EIC submissions.

• Complex Technical Narratives: Translating R&D and technical data into a strategic, cohort‑competitive narrative is demanding and time‑pressure sensitive.

• Funding Alignment with Development Roadmap: CFOs required full confidence that the grant request matched the projected clinical milestones and broader capital strategy.

Stablepharma’s CFO needed expert support to ensure their application addressed all EIC criteria clearly and convincingly—as misalignment could easily lead to rejection in such competitive rounds.

FI Group’s Role & Strategic Input

FI Group UK collaborated closely with Stablepharma to provide:

• Expert Review of EIC Submission Draft
  FI Group’s consultants meticulously reviewed the draft application, ensuring technical achievements and strategic impact were clearly articulated. Their input helped emphasize the commercial scalability and global health implications of StablevaX™, reinforcing excellence and impact language across all sections.

• Financial Justification & Alignment
  They supported Stablepharma’s CFO in mapping financial needs to project stages—particularly connecting the €2.5 million ask with Phase 1 clinical trials (scheduled for March 2025), manufacturing scale‑up, and regulatory milestones.

• Precision and Attention to Detail
  As confirmed by Michelle Hennessy, Stablepharma’s Financial Controller:
  “Giuseppe and his team were great collaborators and quickly assimilated the necessary data to best showcase our R&D efforts, with excellent attention to detail. Their rigour ensured that the claims presented were both technically accurate and compelling.”

Outcomes

• EIC Accelerator Grant Awarded
  Stablepharma secured €2.5 million — one of only five UK companies awarded in that round, underscoring both the strength of the innovation and the application quality.

• Strategic Confidence for CFO
  Through FI Group’s review, the CFO gained assurance that the submission reflected both the company’s technological maturity and its financial roadmap, reducing risk around feature‑credibility and financial justification.

• Broader Organisational Impact
  The assistance set the company up for a high‑quality grant award and reinforced internal governance around innovation funding and technical project rationale.

Why FI Group Matters for Life Sciences CFOs

• Domain Knowledge: Deep experience in translating life sciences R&D into fundable content.

• Funding Strategy Expertise: Ability to align funding requests with corporate finance and innovation strategy.

• Board‑level Assurance: Ensures CFO and executive teams feel confident presenting grant applications to boards and investors.

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Key Takeaways for Senior Finance Leaders in Biotech

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Final Thoughts

FI Group UK provided essential strategic, technical, and financial review support that elevated Stablepharma’s EIC Accelerator application from strong to award‑winning. For CFOs navigating innovation funding in the life sciences sector, the right consultancy partner can be the difference between a commendable proposal and a transformative result.

Let me know if you’d like this tailored further—for example, focusing on particular grant stages, financial structuring, or audience tone.

How R&D Tax Relief Supports the World’s First Cargo Drone Airline – Dronamics Case Study

Executive Summary  

Dronamics, a UK based aeronautical engineering company, are on a mission to revolutionise the logistics industry by supplying the world’s first cargo drone airline, delivering advanced cargo transport mobility, powered by long-range cargo drones that save time, costs and carbon emissions. 

This innovative development work necessitates substantial development costs, inclusive of advanced engineering work and programming, combined with intensive prototype design and testing. As Dronamics invest extensive time into research and development, the valuable funding received via the R&D tax credit scheme is essential to the success of their project and to fuel their continuous development work. 

FI Group have been working closely with Dronamics’ lead engineers and financial teams, conducting a thorough review of their operations to help maximise Dronamics’ annual R&D tax benefit.  

As a result of this funding, Dronamics are able to move ever-closer to achieving their goal in delivering a transport ecosystem with global reach, that provides same-day delivery to the most remote areas of the world at an affordable cost. 

About the Client  

Client Name: Dronamics Global Ltd 

Industry: Aeronautical Engineering 

Location: London, England. 

Company Size: 150 Employees

Client Overview

Dronamics, the world’s first cargo drone airline, is on a mission to make more affordable, more efficient and more sustainable freight possible, especially for remote and underserved communities through the development of a revolutionary fixed-wing unmanned aircraft that can transport 350 kg at a distance of 2,500 km up to 80% faster, 50% cheaper and with up to 60% lower emissions than alternative modes of transport. Dronamics technology will enable same-day shipping over very long distances for a variety of industries: from pharma to food, from e-commerce to spare parts. The company’s fast-growing team includes some of the most experienced aerospace, logistics and technology experts. 

The Challenge  

As a pre-launch company, Dronamics are heavily reliant on investment and funding sources to propel their operations and development efforts in making the first autonomous cargo service by air commercially viable. However fluctuations in cash flow can provide limitations in delivering a continuous R&D program. 

By claiming R&D tax credits, Dronamics can alleviate the financial burdens of their research and development activities thereby improving cash flow and enabling further investment in the cutting-edge work they do. 

To achieve commercial success Dronamics aim to ensure the autonomous cargo drone has a flight range long enough, carrying a substantial payload, in order to offer a reliable mobility solution that supersedes alternative market options. To achieve this Dronamics are required to invest extensive time and effort to develop advanced autopilot systems, reliable and safe structural aero engineering solutions through continual design work, problem solving and flight tests.  

However, accessing R&D tax credits, navigating the ever-changing R&D tax guidelines, can be challenging and time consuming, particularly due to recent changes in tax relief regulations complicating the application process. This complexity makes it difficult for clients such as Dronamics to fully understand how to apply for the relief to which they are entitled and maximise the tax relief available to them. 

The Solution  

FI Group, a specialist in R&D tax credits, harnessed their extensive knowledge and expertise to identify Dronamics’ qualifying R&D activities including development of a novel autonomous navigation and piloting system, innovation in lightweight materials and structural design, and highlighting complex technological challenges related to flight efficiency and safety. 

In conjunction with a comprehensive financial review of the associated costs, FI Group were able to produce a high-quality technical narrative and full claim report in line with Dronamics’ internal deadlines, whilst ensuring compliance with HMRC’s guidelines and maximising potential benefit. 

By providing tailored guidance on documentation and compliance, FI Group UK can streamline the application process and minimise the risk of errors or delays. Furthermore this valuable funding enables Dronamics to focus on innovation and alleviate staff time and stress. 

Results and Benefits  

Client Testimonial: “We engaged FI Group for our 2023 UK R&D Tax claim and were thoroughly impressed with their professionalism and expertise. Their team of engineers conducted detailed meetings with our R&D team leads, producing a comprehensive technical report that gave us greater confidence in the claim. By managing the entire process, FI Group significantly reduced the workload on our finance team, allowing us to focus on core activities. The claim was successful, with no issues raised by HMRC, highlighting the thoroughness and accuracy of their work. 

What stood out was their proactive in-year review process. This approach has meant that we are now months ahead on our next claim, as the technical information has already been obtained during the year. This ensures our future claims are based on up-to-date and more reliable technical data, giving us even greater assurance.  

Their deep understanding of R&D tax relief and commitment to quality were evident throughout the engagement, and we would highly recommend their services to other businesses.” 

Conclusion  

FI Group have become an invested partner continuing to advise Dronamics on everything R&D tax, carrying out a mid-year review to align with Dronamics activities and completing the R&D tax claim process on their behalf to increase their annual funding further supporting their cutting-edge development work and ultimately help achieve their goal. 

 

Executive Summary

To date, Stablepharma has identified over 60 existing vaccines poised for transformation into fridge-free formulations. However, Stablepharma has faced significant financial pressures due to the substantial development costs associated with their innovative adaptable fridge-free technology, alongside the challenges of navigating the intricate R&D tax relief application process.

To address these challenges, FI Group collaborated with Stablepharma. This partnership enabled Stablepharma to maximise their R&D tax claim and secure substantial tax relief, funding the development of additional key candidate vaccines and advancing the market authorisation of the StablevaX™-Td vaccine. In doing so, they optimised their financial resources and reinforced their commitment to revolutionising vaccine accessibility.

About the Stablepharma

• Client Name: Stablepharma Limited
• Industry: Biotechnology Research
• Location: Bath, England
• Company Size: 11-50 employees

Client Overview: Stablepharma is a UK-based biopharmaceutical company committed to developing a range of next-generation fridge-free vaccine products. The Company was founded with a straightforward yet impactful mission: to leverage its innovative technology to significantly improve health outcomes for adults and children who are most vulnerable to death and disability from vaccine-preventable diseases. One of Stablepharma’s key innovations is StablevaX, an adaptable fridge-free technology that extends the shelf life of vaccines, reduces wastage and minimises the carbon footprint associated with the cold-chain distribution and storage of vaccines. According to the World Health Organization (WHO), approximately 50% of all vaccines manufactured are wasted due to failures in the global cold chain. Stablepharma is dedicated to ensuring that all vaccines can be safely removed from the refrigerated cold chain and stored at room temperature for months or even years.

A Challenge for Stablepharma

As a biopharmaceutical company, Stablepharma stands to gain significantly from pursuing R&D tax credits, particularly given the substantial costs involved in developing a pipeline of fridge-free vaccines and pharmaceutical products. By claiming these tax credits, Stablepharma can alleviate some of the financial pressures associated with their research activities, thereby improving cash flow and enabling further investment in innovative research. This financial support would enhance the Company’s capacity to expand their portfolio and focus on developing additional key candidate vaccines that are fridge-free. Ultimately, leveraging these tax credits would advance their mission to eliminate the need for cold-chain logistics, improve global access to vaccines, reduce waste and carbon emissions, and facilitate strategic stockpiling in areas where it is most needed.

However, navigating the ever-changing landscape of R&D tax guidelines can be quite challenging. Recent changes in tax relief regulations have complicated the application process for R&D tax credits. Key adjustments include revised credit rates for the SME and RDEC schemes, the introduction of R&D intensity conditions for loss-making SMEs, and an expansion of qualifying expenditures. Additionally, the requirement for pre-notification to HMRC and the mandatory submission of an Additional Information Form (AIF) have further increased the complexity of the claims process, making it essential for companies to thoroughly understand and meet these new criteria.

These changes make it increasingly challenging for Stablepharma to fully understand how to apply for the relief to which they are entitled and how to maximise the available tax benefits.

Stablepharma’s Solution

At FI Group, a leading specialist in R&D tax credits, we bring a wealth of knowledge and experience to the table. Our unparalleled financial and technical expertise positions us perfectly to assist Stablepharma in identifying eligible projects and maximising their claims for the relief they rightfully deserve. By offering bespoke guidance on documentation and compliance, we have not only streamlined the application process but also significantly reduced the risk of errors or delays. This proactive approach empowers Stablepharma to fully capitalise on the available relief, enabling them to advance their critical research activities.

Our dedicated team at FI Group UK engaged closely with the competent professionals at Stablepharma, meticulously collecting detailed information on projects undertaken during the claim period. We crafted compelling technical narratives that showcased the innovative aspects of Stablepharma’s work while also requesting essential financial statements to ensure a thorough understanding of expenditures.

The Results and Benefits

FI Group played a crucial role in supporting Stablepharma with their R&D tax relief claim under the SME scheme, expertly managing the complexities of the application process. With their extensive knowledge and experience, FI Group identified all eligible projects and efficiently maximised the Company’s claim.

Client Testimonial: ‘We are extremely pleased with the R&D tax work carried out by FI Group during 2024. Giuseppe and his team were great collaborators and quickly assimilated the necessary data to best showcase our R&D efforts, with excellent attention to detail. This resulted in a much-improved claim for our organisation, which will have an immediate impact on the work we can carry out in 2025. We would highly recommend them to other industry colleagues.’

Conclusion

The partnership between Stablepharma and FI Group has been instrumental in navigating the complexities of the R&D tax relief application process. By securing substantial tax relief, Stablepharma is now better equipped to advance its mission of developing innovative fridge-free vaccines. This collaboration underscores the critical role of strategic financial support in fostering innovation within the biopharmaceutical sector. It also highlights how expert guidance can unlock essential funding, driving impactful research and development. The success of this partnership not only enhances Stablepharma’s financial stability but also reinforces its commitment to revolutionising vaccine accessibility and improving global health outcomes.

Stablepharma Contact Information

Email: info@stablepharma.com

More information can be found on the Company website: https://stablepharma.com/

Speak to an FI Group R&D Tax Expert

Securing a £400k Manufacturing Grant for Evove 

Overview

FI Group helped secure a regional manufacturing grant worth over £400k for membrane manufacturer Evove  

About the Client 

• Client Name: Evove 

• Industry: Membranes for separation and filtration 

• Location: Warrington 

• Company Size: 11-50 

The Challenge 

Evove, membrane manufacturers for specialised filters and separation, had many projects, both ongoing and potential future projects, that they would like to secure grant funding for. While they had applied for grant funding for one project previously, they needed help with future applications in deciding which project(s) to focus on for grant funding, finding the right grant funding that matched their sector and aims, and with writing the grant application. Writing grant applications can be very time consuming for small companies, especially as SMEs usually rely on a member of the leadership team to prepare the grant application, taking away valuable time from more important work. Without full knowledge of the application guidance, clients may also struggle to write effective applications or apply for grants that are not the best aligned to their project. 

The Solution 

Our Roadmapping service is designed for companies that have multiple projects, including ongoing, well-formulated projects, to those that are not yet solidified. In this service, we discuss these projects with clients and gather the basic detail of these projects e.g. scope, aim, budget, development stage, to work out which of these projects is eligible for grant funding within the current and future grant landscape. Following this, we perform a deep dive into the best 1-3 projects to investigate the commercial aspects and financials of the projects. 

Having explored clients’ key projects, we can identify the best grants through our weekly scan of funding opportunities. As the business case of the project is outlined already as part of Roadmapping, writing the application is faster and easier than from scratch, meaning the client inputs less later down the line, saving their time. 

Outcome 

Through Roadmapping, we were able to select and highlight for Evove projects that had best alignment with grant funding. Ultimately, a project covering the manufacture of spacers for membrane filtration was selected and written. In this project, a new 3D-material printer was designed and developed, allowing Evove to produce large spacers for filtration membranes. These spacers could ultimately help desalination plants (where salt is removed from water) reduce energy usage, saving money and reducing carbon.  

After selecting this project, we wrote an application for a very specific, regional funding opportunity, found due to our weekly scanning (Launchpad: Advanced Manufacturing CR&D Liverpool City Region, R2), and wrote a successful grant that won Evove £404,506 and their partner Added Scientific Limited £91,790. 

Testimonial

We have used FI Group for grant bid writing and support of our R&D tax credit filing. They helped us secure a valuable grant and helped us fully comply with the latest HMRC R&D tax credit guidelines. Without hesitation we have engaged them again this year.

Craig Clement – COO at Evove