FinTech Awards Wales – Exclusive Interview: Iver

Matt Hyde, Director of FinTech Awards Wales meets:

Adam Spriggs,

R&D tax director at Zeal

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As part of our new interview series, Matt Hyde, Director of Recruit 121 and FinTech Awards Wales, talks to professionals in Wales’ booming FinTech sector. This week Matt caught up with Adam Spriggs, R & D Tax Director at Zeal Tax.

Tell us about your main focus at Zeal Tax

My main focus at Zeal is working with companies that prepare R&D tax claims. This will involve identifying eligible projects and developing bespoke methods to allow us to prepare and submit R&D tax claims to HMRC and, if necessary, have discussions with them, but in recent years this has developed significantly.

At Zeal we look to work with our customers throughout the year, not just once a year to prepare for requirements. We provide tools to help them capture real-time data and have regular follow-ups to ensure that while the R&D tax regime is unlikely to drive any decisions, every decision is made with knowledge of the full implications. A recent example of this was a company looking at a number of grants and not knowing how the grant type would affect their claim.

Over the past 2 years, HMRC has significantly increased its resources to assess R&D tax claims, as well as introducing new legislation, so it is important that our customers are aware of how these changes may affect their claims. This focus on the assessment of claims has led to the development of our inquiry defense over the past 12 months where we assist companies who have found themselves in an inquiry due to having prepared the claim themselves or where their former adviser is no longer assisting them.

What impact do you feel the FinTech Awards Wales are making in the FinTech sector in Wales?

The awards have been great for raising awareness, promoting the network in Wales and providing a forum for these companies to come together and recognize their own as well as the industry’s achievements.

I have spoken to companies in the past who actively moved to base their business in Cardiff as it has built a reputation as a destination city for FinTech businesses to grow and indeed flourish. The awards have played a major role in creating and building that reputation.

Why have you chosen to support the awards and especially the Team of the Year?

The Team of the Year category shows what business is all about – working as a team. A supportive team environment will maximize each person’s strengths and lead to better decision making, effective information sharing and a more motivated and engaged workforce. No matter how good a product or service is, it will never meet its full potential without a strong team behind it. Whether individuals are part of the technical development, marketing or support functions, all are essential to the efficiency of a business and its success.

How do you feel the Welsh economy has fared post-Covid and what predictions do you have for the next 12 months?

While Covid obviously affected all businesses and the economy, many thrived as they adapted and in some cases outgrew the pandemic. There were some benefits to companies becoming more adaptable and finding new ways of doing things, using technology more and realizing that not all work has to be done between 9-5. This adaptability is what will help the Welsh economy going forward.

Although we are in the midst of a cost of living crisis which will affect some businesses more than others, I still see the Welsh economy being in a better position 12 months from now than it is today.

What is Zeal Tax doing today to support FinTech in the future?

As well as working with FinTech companies on future R&D tax requirements, Zeal also runs training sessions in other areas of taxation with a focus on start-ups, including director loans, SEIS/EIS qualification and tax structuring amongst other areas.

From our network we have also been able to suggest accountants and other professional services for owners to speak to.

We see ourselves as more than transactional tax advisors.

Finally, what is the best advice you have received and what advice would you give?

This may apply only to me, but ‘slow down’. Whether you’re starting a career or a new venture, the idea is to always focus on what’s next, or what else you can do to reach a goal faster. While these are obviously important, what is sometimes lost is the “now”. Take the time to recognize the accomplishments of what you have accomplished. There may well be more of the story to tell, but that doesn’t mean you haven’t accomplished anything yet. This is why the Fintech Awards are so important, as they recognize the “now”.

I wish someone had emphasized to me earlier the importance of building your network. I didn’t really start building mine until I was 3-4 years into my career thinking I wasn’t at the level where it was necessary. Whether it’s keeping in touch with ex-colleagues or knowing people in other businesses, your network may not help you now, but there’s a good chance it will in the future or may help someone else you meet. A network isn’t there to just generate immediate financial gain, it’s there to improve the people and businesses within it. The more (quality) people in your network, the better.