How The Depositary boosted its cashflow with R&D Tax Credits

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As a proud Partner of the UK PropTech Association (UKPA), Claim Capital has set out to help PropTech startups thrive by funding their innovation through Research & Development (R&D) Tax Credits.

Our experts are experienced in assessing the scope of R&D Tax Credit claims, allowing them to secure maximum benefit from HMRC, year after year.

In this article, we’re going to tell you a little more about how we helped a particularly happy client reinvest and reach their next stage of growth, faster.

But first, we’d ought to introduce ourselves a little better.

At Claim Capital, our mission is simple. We secure funding for innovative startups and SMEs by delivering market-leading R&D Tax Credits.

If you’ve spent money bringing a new product or service to life, Claim Capital can help you reclaim up to 33% of these research & development costs from HMRC.

With HMRC-authorisation and 20+ years of experience in the field, we’ve refined our R&D Tax Credit process down to a science, to deliver our clients the maximum benefit, year after year.

But don’t just take our word for it.

We sat down with Kristjan Byfield, co-founder of  UKPA Gold Member The Depositary, to hear about his experience with Claim Capital.


What service does The Depositary provide and what R&D did you carry out?

The Depositary is a user-friendly PropTech platform aimed at the residential estate agency market. Through innovative software, The Depositary streamlines and automates the tenancy conclusion process, from notice of tenancy termination right the way through to refund of moneys.

As the first product of its kind, Co-Founders Kristjan and An carried out cutting-edge research and development (R&D) to make sure that their technology adheres to the legal regulations that come with deposit deduction and tenant liabilities, and to provide the personalised operation that their user base would need.


How can an R&D Tax Credit contribute to your business?

The R&D costs mentioned above are where founders are incentivised by the UK government, with the opportunity to claim back up to 33% of eligible spending. By choosing Claim Capital as their R&D Tax Credit advisor, “The Depositary managed to reclaim sufficient funds to map out their next 12-18 months, and help pursue their next stage of growth, faster”.

Kristjan told us that, thanks to R&D Tax Credits, “planned modules, products, and integrations of The Depositary will be able to come to life sooner than they’d imagined”.

Only 16 months into trading, The Depositary were yet to turn over a profit at the time of filing their claim. This is good news for R&D Tax Credits, as loss-making companies are entitled to the highest possible financial return. We were delighted to hear that “The Depositary was able to mitigate the monetary losses that are part and parcel of growing a business”.


What impressed you when working with Claim Capital?

Choosing the wrong R&D Tax Credit advisor can do significantly damage to your potential claim. An inexperienced advisor, or a general accountant, may limit the size of your claim by missing more discreet R&D costs.

Alternatively, percentage-based advisors will demand heftier fees as your tax benefit naturally increases over time.

After comparing several R&D advisors, Kristjan found that “Claim Capital offers the most cost-efficient route”.

After their accountants first told them they weren’t eligible for R&D Tax Credits, and then trialing a less effective application platform, The Depositary was impressed with Claim Capital’s “expert knowledge of the tech space, proactive approach and pledge to submit to HMRC within a 3–5-day window”.

We strive to support our clients’ needs at every turn of their R&D Tax Credit claim. Kristjan re-affirmed our goal – “the feedback we got going through the drafts of the application was all very clear and helpful!”.


Kristjan’s advice to PropTech founders

After his experience with Claim Capital, Kristjan argues that “founders not claiming R&D Tax relief are doing their business a disservice.

By using Claim Capital, PropTech startups can take advantage of game-changing financial reward with very little effort. We’re confident that the guidance we provide makes the process seamless from start to finish.

If you’re a time-poor founder that’s struggling to prioritise R&D Tax Claims within your workday, or if your accountant isn’t clued up on the tech world, then it’s an absolute no brainer to engage Claim Capital.” –  Kristjan Byfield, Co-founder of The Depositary

If you want to follow in the footsteps of Kristjan, and hundreds more innovate businesses, get in touch with our R&D specialists at Claim Capital.

We’d love to learn more about your business, and determine how much money you could be owed from HMRC.

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