Funding round closed for pension tax recovery startup

A £50k funding round has been secured by Tekka Finance Ltd, a Leamington Spa-based startup specializing in automated tax recovery. This investment values the company at an estimated £798.5k.

Founded in March, the business targets a gap in the UK system where higher and additional rate taxpayers often fail to claim an extra 20% to 25% in relief. While pension providers automatically claim basic rate relief on relief at source schemes, the additional portion must be manually requested from the tax authority. Tekka automates this process by calculating potential refunds, gathering contribution history from providers, and filing the necessary paperwork.

The business operates a no recovery, no fee model, taking a 10% commission on successful claims. Official figures suggest the average unclaimed amount is approximately £1,756 per year, and claims can be backdated for up to four tax years. Roughly 800,000 UK higher rate taxpayers are currently estimated to be owed money by the tax office.

LinkedIn data indicates the firm currently has one employee. Beyond its core tax recovery service, the company is registered for activities including document preparation, editing, and secretarial services. The allotment of shares for this round took place in August (with filing completed in September).