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£2.4Mrecovered in R&D tax credits — single engagement
187days average turnaround — claim to settlement
94%success rate on disputed claims — last 36 months
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Claims Intelligence Platform

Your balance sheetis hidingsomething.

Ledger is a specialist claims recovery practice embedded inside an accounting firm. We find money already owed to your business — buried under filing deadlines, compliance fog, and overlooked regulatory windows.

R&D Tax Credits · EIS/SEIS Recovery · Insurance Claim Disputes · Regulatory Refunds · Capital Allowances · VAT Reclaims

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R&D Tax CreditsPatent Box ReliefEIS / SEIS RecoveryCapital AllowancesInsurance Claim DisputesVAT ReclaimsHMRC Penalty AppealsNHS Procurement RecoveriesSection 431 ElectionsLand Remediation Relief
Chapter 01 — Discovery

The most commonly missed claims

Based on 847 forensic reviews conducted between 2021–2025. These are the categories where mid-market finance teams consistently leave money on the table — not through negligence, but because the entitlements are genuinely obscure.

R&D Tax Credits
Qualifying expenditure routinely under-claimed due to narrow interpretations of eligible activities.
Claim frequency in qualifying firms88%
£180K
avg. recovery
Capital Allowances
Embedded fixtures and integral features in commercial property — missed on 7 in 10 acquisitions.
Claim frequency in qualifying firms94%
£240K
avg. recovery
VAT Reclaims
Partial exemption miscalculations and input tax errors accumulating across rolling quarters.
Claim frequency in qualifying firms62%
£65K
avg. recovery
Insurance Recoveries
Business interruption, underpaid settlements, and lapsed policy entitlements rarely pursued.
Claim frequency in qualifying firms97%
£310K
avg. recovery
Land Remediation Relief
Contaminated land expenditure eligible for 150% deduction — claimed by fewer than 12% of qualifying firms.
Claim frequency in qualifying firms74%
£420K
avg. recovery
HMRC Penalty Appeals
Disproportionate penalties and surcharges overturned through structured technical challenge.
Claim frequency in qualifying firms45%
£38K
avg. recovery

These figures represent median recoveries across Ledger-reviewed engagements. Individual outcomes vary by sector, headcount, and filing history.

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Chapter 02 — Evidence

Redacted case files— scroll to declassify

All identifying information has been removed at client request. Recovery amounts and timelines are unaltered.

CONFIDENTIAL — LDG-2024-114
Advanced Manufacturing
SETTLED
Revenue
£28M turnover
Claim type
R&D Tax Credits + Capital Allowances
Client had self-assessed R&D claims for three consecutive years using standard software expenditure framing. Ledger forensic review identified qualifying activities across ████████ production lines and ████████ prototype development cycles previously excluded.
Outcome — Full retrospective claim accepted. No enquiry opened.
Total recovery
£847,000
Duration
163 days
CONFIDENTIAL — LDG-2023-089
NHS Foundation Trust
SETTLED
Revenue
Public Sector
Claim type
Procurement Recovery + VAT Reclaim
Trust had accumulated ████████ in miscalculated partial exemption VAT across ████████ financial years. Ledger identified systemic input tax errors in ████████ department procurement and filed retrospective reclaim under the capping rules.
Outcome — HMRC accepted in full. Repayment supplement applied.
Total recovery
£1,240,000
Duration
211 days
CONFIDENTIAL — LDG-2024-201
PE-Backed SaaS
SETTLED
Revenue
£12M ARR
Claim type
Patent Box + EIS Compliance Recovery
Portfolio company had elected out of Patent Box in year one on incorrect legal advice. Ledger successfully applied to ████████ for retrospective election amendment. Concurrent EIS compliance audit identified ████████ in previously unclaimed investor relief.
Outcome — Election reinstated. Portfolio IRR improved by [REDACTED].
Total recovery
£392,000
Duration
94 days
Chapter 03 — Exposure

How much is your
sector leaving behind?

Industry-level benchmarks drawn from HMRC statistics, FRC reporting data, and Ledger's own engagement database. Figures represent annual averages per qualifying firm.

Industry
Avg. Unclaimed
Primary Claim Type
Success Rate
Advanced Manufacturing
£340K
R&D + Capital Allowances
96%
Technology / SaaSHighest
£480K
R&D Tax Credits + Patent Box
94%
Healthcare & Life Sciences
£290K
Clinical R&D + VAT Reclaims
91%
NHS / Public Sector
£870K
Procurement Recovery + VAT
88%
Real Estate & Construction
£620K
Land Remediation + Allowances
93%
Financial Services
£195K
HMRC Penalty Appeals + VAT
89%
Food & Beverage
£210K
R&D + Insurance Recoveries
90%

Manufacturing firms leave an average of £340,000 unclaimed annually.

Every quarter without a forensic review is a quarter that window may close. HMRC amendment windows are typically capped at 4 years.

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Free Download — 2024 Edition

The Unclaimed Recovery Report

47 pages. Industry-specific recovery benchmarks, HMRC amendment deadlines, and a self-assessment checklist for the six most commonly missed claim categories. Used by 1,200+ finance directors across the UK.

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