London-based startup Syft designed and developed an online recruitment platform that connects employers with thousands of skilled staff across the UK. Their principal software product, the Syft online job portal app, was launched in November 2015 and helps jobseekers to find opportunities in the hospitality industry whilst also enabling employers to directly connect to people with the required skillsets.
Syft came to Propel by Deloitte for assistance in claiming R&D tax credits, as the founders felt that the technology they were developing could hit the right criteria to make the claim.
As a result of the work, Deloitte reduced the burden on Syft to prepare a comprehensive report in a market where HMRC is increasingly challenging Software claims, and also helped them to increase the size of their claim compared to previous claim submissions.
What made you look for an accountant and what problems were you facing?
Novo Abakare, COO, CO-Founder, Syft: "We were unsatisfied with our current provider. When we took them on board we were very small and in under 18 months we had scaled very fast and outgrown their solution."
How did you hear about Propel by Deloitte?
"Just through word of mouth."
Why did you come to Propel to help you with your R&D Claim?
"Their solution seemed very appropriate for a company at our growth stage, but also the team was very proactive in educating and guiding us in the process."
Would you recommend working with Propel and why?
"Yes, simply because the team met our expectations in a timely manner."
The team at Deloitte was engaged to help Syft prepare their first full R&D claim in a robust, cost-effective and efficient way. An initial meeting was set up between Syft’s Co-founder Novo, their CTO Tom, and Deloitte specialists with Software and Tax backgrounds.
One of the key challenges identified in the project was that Syft had a newly hired CTO, and also some of the key software engineers who worked on the project had left the business - therefore the technical information required for producing the claim could not therefore be easily obtained.
However, with quality being an imperative factor at Deloitte, the team decided to invest further time and worked closely with the wider Syft team. This included speaking with lead engineers who were based overseas for in-depth analysis on the potentially qualifying R&D projects they had been involved with.
Compared to many companies offering similar services, Deloitte’s extensive knowledge and experience gained from working with hundreds of companies, especially in the start-up market, means that they can bring the best approach and knowledge to market in order to produce an efficient claim process.
Deloitte has one of the largest, most experienced teams in the UK when it comes to R&D tax, Patent Box, Grants and Capital Allowances. In addition to accountants, tax professionals and lawyers, this team includes the most experienced technologists and engineers who help clients from small start-ups to large multinational groups in building their technology strategy whilst benefiting from significant R&D incentives.
We have pioneered this multi-disciplinary model since the inception of the group in 2003 and our technologists now have a wealth of experience not just in technology but also in applying the definition of R&D for tax purposes within our specialist field and in agreeing those activities as eligible with HMRC.