I have a question for you.
Don't worry, it's not a trick question or anything like that!
But, it is based on the assumption you work at a UK Seed to Series B sized startup. Also, it's probably not what you are expecting.
Here we go... 🥁
When you claim R&D tax relief from HRMC, what does it feel like?
For you as a company.
Specifically, your team's experience in making it happen. The preparation, dialogue, and fact-finding, etc. The nitty-gritty of however you go about it.
To answer this, I invite you to think back through the steps of what was involved for everyone on your team last time.
Time commitment. Cognitive load. Actions taken. Etc.
Did it feel like a joyous moment? A thrill? Dare I say it... magic? 🌟
At Claimer, we believe it should do. It's a special event. Something to celebrate!
In the UK we are super fortunate to have the Research and Development tax relief scheme.
During the 2019-20 financial year £4.4bn was claimed by small and medium-sized enterprises. Another £3.1bn by larger companies. That's £7.5bn total. And, it's due to hit £20bn+ by the mid-2020s.
For startups, that's a pretty sweet deal. 🙌
R&D relief is non-dilutive. It doesn't need to be paid back. It has no strings attached whatsoever.
Unusually for startup capital, R&D credits are also business logic agnostic. HMRC does not need to see a deck or evidence of 'traction' before handing over the money.
Plus, once a claim is submitted to HMRC, the funds get paid out pretty quickly. In a few weeks. Before you know it, it's hit your account.
And, it's about to get a whole lot better!
The criteria for 'qualifying R&D spend' is due to expand from April 2023 to incorporate more things. This includes essential startup stuff like hosting and data storage (yes... reduced AWS bill for the win!).
All in all, the R&D scheme is pretty magic.
But, the experience of making it happen—the act of claiming—often isn't. To the point of annoyance and distraction.
Does this sound all too familiar? It doesn't have to be that way.
You are invited to upgrade your R&D claim, with Claimer.
We've spent the last 2 years making this happen. So far, we've upgraded R&D claiming for more than 350 venture-scale startups.
Ready to claim? Get started here.
If not, drop your email below.
We'll be in touch when it's closer to your claim date. 👇