Ditto Tax: AI-driven automated tax advice using enabling knowledge acquisition methodology
Lead Participant:
DITTO AI LIMITED
Abstract
"As the world moves towards automation, a growing market across multiple sectors is 'automated advice', a key demand for which, as highlighted by HM Treasury and the FCA, is in the financial advice sector resulting from the complexity and ever-changing nature of regulations/legislation.
An example is the difficulty in providing a holistic automated advice solution for financial advice due the requirement for human interpretation of the rules to a specific case.
In order for an automated advice model to be successful, the algorithm underpinning it must be completely accurate in the application of expert knowledge, be able to address every possible scenario, and also provide an audit trail of how the ultimate recommendation was determined. Consequentially little innovation has occurred in automated advice provision in more complex tax areas, such as innovation targeted tax incentives, due to the difficult interpretation of guidance to widely varying scenarios, which cannot be modelled via standard flowchart approach. This has led to many SME's failing to benefit due to a lack of knowledge, fear of engaging directly with HMRC, or high cost barriers to explore potential schemes.
DittoAI have developed a unique knowledge acquisition methodology, free from interviewer dependency that can produce a computable output that exhaustively documents an individual's decision-making & encodes their entire expertise on any subject. DittoAI can guarantee a complete, correct and consistent output for any subject matter, along with a complete audit trail to reveal all decision points, by digitally capturing the knowledge from any source and delivering precise expertise to the end-user via an artificial intelligence driven interface.
**Impacts:**
* The underpinning DittoAI technology is a hugely enabling technology needed by AI systems whenever they require detailed and traceable expert input to work, this project will allow further versions of the DittoAI technology to be exploited in other markets.
* DittoAI offers ability for any company to access and codify the expertise of their few/ busy experts, and deliver it through any of their staff (or even in an automated fashion) increasing their service offering, delivery capacity, and removing the risks faced by losing key personnel from death/resignation, etc
* Offering a reliable and consistent tax advice to ensure consumers are able to accurately complete their tax bills. Currently an estimated £10bil of potential R&D Tax Credits go unclaimed each year, due to the complexity of the guidance and incorrect/inconsistent advice offered by tax consultants."
An example is the difficulty in providing a holistic automated advice solution for financial advice due the requirement for human interpretation of the rules to a specific case.
In order for an automated advice model to be successful, the algorithm underpinning it must be completely accurate in the application of expert knowledge, be able to address every possible scenario, and also provide an audit trail of how the ultimate recommendation was determined. Consequentially little innovation has occurred in automated advice provision in more complex tax areas, such as innovation targeted tax incentives, due to the difficult interpretation of guidance to widely varying scenarios, which cannot be modelled via standard flowchart approach. This has led to many SME's failing to benefit due to a lack of knowledge, fear of engaging directly with HMRC, or high cost barriers to explore potential schemes.
DittoAI have developed a unique knowledge acquisition methodology, free from interviewer dependency that can produce a computable output that exhaustively documents an individual's decision-making & encodes their entire expertise on any subject. DittoAI can guarantee a complete, correct and consistent output for any subject matter, along with a complete audit trail to reveal all decision points, by digitally capturing the knowledge from any source and delivering precise expertise to the end-user via an artificial intelligence driven interface.
**Impacts:**
* The underpinning DittoAI technology is a hugely enabling technology needed by AI systems whenever they require detailed and traceable expert input to work, this project will allow further versions of the DittoAI technology to be exploited in other markets.
* DittoAI offers ability for any company to access and codify the expertise of their few/ busy experts, and deliver it through any of their staff (or even in an automated fashion) increasing their service offering, delivery capacity, and removing the risks faced by losing key personnel from death/resignation, etc
* Offering a reliable and consistent tax advice to ensure consumers are able to accurately complete their tax bills. Currently an estimated £10bil of potential R&D Tax Credits go unclaimed each year, due to the complexity of the guidance and incorrect/inconsistent advice offered by tax consultants."
Lead Participant | Project Cost | Grant Offer |
|---|---|---|
| DITTO AI LIMITED | £304,477 | £ 137,015 |
Participant |
||
| DEVCLEVER LIMITED | £93,401 | £ 42,030 |
| INNOVATE UK |
People |
ORCID iD |
| Grants Team (Project Manager) |