This London-based fintech automates the processing of VAT refunds and tax credits for research and development and creative industries, enabling UK businesses to expedite their claims. By streamlining the refund process, the company enhances cash flow and facilitates access to financial incentives.
Funding
$5M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Businesses in the UK often face delays in receiving VAT refunds and tax credits, particularly in research and development and creative sectors, which can strain their cash flow. The traditional process involves significant paperwork and administrative overhead, leading to extended waiting periods for these refunds.
Solution
Adsum provides an AI-driven tax infrastructure that automates VAT refunds and tax management, enabling businesses to access their funds faster. Their InstantVAT product allows companies to receive VAT refunds in as little as 24 hours, even before filing their return with the Premium service. OpenTax, their tax management platform, streamlines VAT, PAYE, and Corporation Tax management for accounting practices by centralizing client data and automating tasks such as HMRC data syncing, deadline tracking, and client payment reminders. The platform integrates with accounting software like QuickBooks and Xero, offering a centralized view of tax liabilities and deadlines, and facilitates team collaboration through secure data sharing and real-time task tracking.
Target Audience
Adsum serves UK businesses seeking faster access to VAT refunds, as well as accounting and bookkeeping practices looking to streamline tax management processes for their clients.
Features
- InstantVAT: Expedited VAT refunds in as little as 24 hours, even before filing.
- OpenTax: Centralized platform for managing VAT, PAYE, and Corporation Tax.
- HMRC Data Sync: Automatic syncing of tax data, eliminating manual logins.
- Deadline Tracking: Automated alerts for filings, submissions, and payments.
- Automated Reminders: Intelligent payment reminders sent through a client portal.
- Team Collaboration: Secure data sharing and real-time task tracking for internal and external teams.
- Integration: Seamless integration with QuickBooks and Xero accounting software.
- Real-time Dashboards: Consolidated view of client tax data for easy tracking and management.