Our Business
We trade in financial markets, generating profits which we redirect to good causes. We give the vast majority of our company profits to charities and socially impactful organisations.
Our trading systems combine machine learning and prior knowledge of the markets to predict opportunity together with uncertainty, delivering high return on company capital. The business is wholly funded by this return.
Our Ethos
We believe that the financial industry is grossly overcompensated compared to other jobs of similar academic and technical requirements. In a playing field with so many wealthy companies and individuals, exploiting market inefficiencies leads to large profits which filter down the organization in the form of extreme bonuses and high salaries. This system takes highly skilled individuals out of roles that can benefit society more directly.
We wish to take a more direct approach - take a fair and reasonable salary, but eschew the extreme bonuses. Instead we will redirect the excess trading profits to social causes where it will have an exponential effect. The focus of our business is on maximising social impact, rather than profit - and we hope to set an example for the industry.
Transparency is of the highest value to us - we want to be held accountable to our donation goals and our investment sources. We are entirely funded by company capital, and will only consider external investment with a high level of discretion.
Our Impact
Since our business began trading in 2019, we have made profits of over £2 million into 2025, with a current gross annual return of around 30%. Of this profit, we have redistributed £635,000 to socially impactful organisations, comprising £410,000 in donations to charities and £225,000 in pledged low-cost financing for impactful initiatives. We have retained £1,000,000 of profit in the business for reinvestment, and eventual donation. We have paid roughly £37,000 per director, per year in dividends.
We are still developing our approach to giving, and currently focus on the areas of climate change and inequality.
Our beneficiaries thus far include
Our Tax Contribution
We make no effort to avoid taxation and pay full corporate tax every year on our profits. We believe this is one of the most important ways to contribute to social impact. We are proud to have paid over £335,000 in tax to date, and to hold the Fair Tax Mark.
We also strongly believe in the importance of tax transparency and make an effort to be transparent about our tax policy. We work with Fair Tax Mark in order to ensure we meet high standards in tax policy and disclosures, and publish details on this below.
Our Tax Policy and Disclosure Statement
Last updated: January 2026This statement of Fair Tax compliance was compiled in partnership with the Fair Tax Foundation.
This Fair Tax Mark Statement certifies that Bayesian Shift Limited meets the requirements of the Fair Tax Mark's - UK Small Business Standard.
The Fair Tax Mark label is the gold standard of responsible tax conduct and certifies that a business:
- seeks to follow the spirit, as well as the letter of the law;
- shuns artificial and aggressive corporate tax avoidance; and
- is transparent about profits made and taxes paid.
Tax contributions are the lifeblood of a flourishing society - funding essential services such as healthcare, education, policing and transport. Corporate tax avoidance doesn’t just rob public services of vital revenue, it also undermines the ability of businesses to compete fairly and reduces national productivity. Across the world, there is a growing community of Fair Tax Mark certified businesses who believe in responsible tax conduct, spanning small businesses, listed companies, co-operatives and social enterprises.
Tax Policy
Bayesian Shift Limited (“we” / “the Company”) is committed to paying all the taxes it owes in accordance with the spirit of all tax laws that apply to its operations. We believe paying our taxes in this way is the clearest indication we can give of being responsible participants in society. We will fulfil our commitment to paying the appropriate taxes that we owe by seeking to pay the right amount of tax, in the right place, and at the right time. We aim to do this by ensuring we report our tax affairs in ways that reflect the economic reality of the transactions that we undertake during the course of our trade.
We will not seek to use those options made available in tax law, or the allowances and reliefs that it provides, in ways that are contrary to the spirit of the law. Nor will we undertake specific transactions with the sole or main aim of securing tax advantages that would otherwise not be available to us based on the reality of the trade that we undertake. The Company will never undertake transactions that would require notification to HM Revenue & Customs under the Disclosure of Tax Avoidance Schemes Regulations or participate in any arrangement to which it might be reasonably anticipated that the UK’s General Anti-Abuse Rule might apply.
We believe tax havens undermine the UK’s tax system. As a result, while we may trade with customers and suppliers genuinely located in places considered to be tax havens, we will not make use of those places to secure a tax advantage, nor will we take advantage of the secrecy that many such jurisdictions provide for transactions recorded within them.
Our accounts and tax filings will be prepared in compliance with this policy, and we will seek to provide all the information that users, including HM Revenue & Customs, might need to properly appraise our tax position.
Company Information
Bayesian Shift Limited is a private company limited by shares. The Company is owned and governed by its two directors: Tennessee Hickling and Mark Waddoups. The Company’s principal activities are in financial market trading and using these profits for ethical donations.
The registered office of Bayesian Shift Limited is 35 Ballards Lane, London, United Kingdom, N3 1XW. The Company does not have a physical trading address since its operations are fully remote.
Tax Information
The Company’s net profit before tax for the year ended 31 March 2025 was £94,506. If applying the main rate of corporation tax at 25% on these profits, the expected tax charge would be £23,627. Our actual current tax charge for this period was £21,435 (22.7%); and the reason for this being less than what would be expected, is explained below in the following current tax reconciliation with accompanying footnotes:
| £ | |
|---|---|
| Profit before taxation | 94,506 |
| Corporation tax at 25% (main rate) | 23,627 |
| 1Fixed Asset Depreciation | 133 |
| 2Marginal Relief | (2325) |
| Actual corporation tax due (22.7%) | 21,435 |
1
The treatment of fixed assets is different for accounting and tax purposes. For accounting purposes, fixed assets are depreciated
over their useful economic lives. For tax, there are specific rules on what can be claimed and when (capital allowances). The
differences between these treatments can create a tax adjustment, which is typically only a timing difference. Over time, the
total capital allowances claimed will equal the total depreciation charged in the accounts on eligible assets. Therefore,
depreciation is added back and replaced by capital allowances in calculating the Company’s corporation tax. For the current
year, no capital allowances were available to be claimed.
2
From 1 April 2023, the main tax rate for companies with taxable profits over £250,000 increased from 19% to 25%. The small
profits tax rate for companies with taxable profits below £50,000 stayed at 19%. For companies with taxable profits between
these limits, the main tax rate is applied, but marginal relief is provided to gradually increase the Corporation Tax rate between
the small profits rate and the main rate. This is the reason why our corporation tax charge is lower than the main rate of
corporation tax.
As at 31 March 2025, Bayesian Shift Limited had no deferred tax assets or liabilities on its Statement of Financial Position; and had no movements in deferred tax that were expensed or credited to the Statement of Income and Retained Earnings.
Our People
Mark Waddoups, Co-Founder
Working at the intersection of state-of-the-art research and specific financial knowledge gives us a unique opportunity to drive real social change.
Mark worked as a derivatives trader for five years prior to jointly founding Bayesian Shift. Trading provided savings to begin the business, but also highlighted the pay imbalances between his colleagues and the general population. He wanted to take his skills and apply them in a way that benefits wider society.
He is interested in economics, politics, Bayesian modelling and software development. He lives in Glasgow and spends a lot of time in the mountains.
Tennessee Hickling, Co-Founder
I want to use my skills and energy to deliver broad benefits to society.
Tennessee is currently studying for a PhD in generative models in the presence of extremes at the University of Bristol. Past research experience includes novel inference techniques for sequential and graph data. He also has experience taking data analytics projects from PoC to production, having delivered a machine learning backed product to thousands of end users whilst working for an IT consultancy.
Founding Bayesian Shift provided a way to satisfy his passion for machine learning without sacrificing his social consciousness. Moving forward he has an interest in new economic models that can support innovation in a sustainable manner.
Contact Us
We are a UK-based, fully remote business. The best way to get in touch with us directly is via email.
Email UsIf mail correspondence is required, we can be reached via a managed mailbox service at
Bayesian Shift, 35 Ballards Lane, London, United Kingdom, N3 1XW