History
Background experience
Alan Craven and Jon Evans have many years' experience at senior level in tax technology within the Big 4 and at market-leading tax software providers, including the development and maintenance of tax computation engines and mathematical optimisation.
Operations research specialist, Dr. Menkes van den Briel, co-founder of artificial intelligence company Hivery, acts as algorithms consultant for Phoenix TP.
An idea that works
The seeds for a tax optimisation application were planted whilst working on the computations for an oil & gas group with non-coterminous accounting periods and ring fence/non-ring fence activities.
The group relief was complex and there were many permutations that took a lot of time and effort to consider. Could this problem be solved using mathematical optimisation? A prototype was constructed, and the results were very impressive so the answer was 'Yes'
Phoenix TP is formed
Having later acquired first hand in-depth experience of building and maintaining market-leading tax computation engines, Phoenix TP was formed to develop a unique and powerful tax optimisation application.
Development and feedback
An intensive period of development was followed by testing and market research.
Using anonymised real-life data made available to us, Deep Tax produced results that were beyond our expectations. It identified highly significant improvements to the tax position for various groups of companies.
Furthermore, the results were produced in a fraction of the time that had previously been spent by tax professionals.
The feedback we received facilitated discussion around potential enhancements. Some of the enhancements were very challenging, and obviously extended our development, but we rose to the challenge and the end result is a very powerful application with many features.