Client: Veya Limited
Sector: Estate agency, eCommerce
Geographic location: Manchester
Relief included costs for:
- Director wages
- Sub-contracted services
- Additional overheads
Around 30 per cent of all residential property transactions aren’t successful. Veya has been launched to reduce that statistic.
Working to take away the frustrations that buyers and sellers face during property transactions, the intelligent platform links with credible parties, such as the Land Registry, to import the relevant information about a property before it hits the market or a house hunter views it.
By having information that indicates the risks associated with the property, all parties can make informed purchase decisions before instructing a solicitor, enabling pro-active measures to be taken to reduce the time it takes and the risk of a fall through due to late information that can affect the decision whether to proceed or not.
Ultimately, it aims to increase the rate of successful property transactions by making the process smoother, smarter and less stressful. The technology is initially being offered to estate agents so they can understand their sales portfolio and then pass on key information to their customers, reducing the risk of last minute information being made available near the end of the transaction
Having been ineligible for most other Government schemes, Veya’s owners had dismissed the possibility of successfully claiming R&D tax relief.
Champion was already undertaking compliance work for Veya when a discussion on R&D tax relief was had. Our specialist R&D advisors were able to highlight several elements of the development of Veya’s new product that would qualify for relief – specifically the flexible integrations between multiple third-party systems – and identified the associated cost categories that would be eligible.
The Champion team set about gathering all relevant information to submit the application, supporting Veya throughout the process. As a result, we were able to identify capital which will be used to further enhance the Veya platform.
“Champion’s work on our application made the whole thing simple for us. We had an initial technical interview, and following that, all I was required to do was review their wording and within a few months we found out our claim was successful, which was amazing.
“It’s made us realise what else we can claim for and reconsider our in-house development costs, for example, there are differences in what you can claim based on whether a worker is employed or self-employed. Knowing this has made us consider employing a developer rather than outsourcing this function, which will improve the way we work and create other efficiencies.”
Jason Howarth, managing director at Veya
Champion Accountants has so far helped SMEs claim more than £40m in R&D relief – with a 100 per cent success rate.
To see what you could claim, contact David Herd in our Manchester office on:
T: 0161 703 2500