How R&D tax credits can be a hidden cash boost

Swoop unearthed £10,000 in tax credits for one customer – have you checked whether you qualify for the scheme?

OLT ERP, Limited, is a tech startup based in London UK, founded by Dr Sangeeta Jain. Her team develops customised software solutions for universities and colleges, including an AI-powered app, named Eudemonic to assess academic stress among students to facilitate timely targeted interventions to minimise the losses due to students’ mental stress. This is a preventive deeptech application with a transdisciplinary approach to support students from dropping out of their courses by using survey questionnaires, data analytics, sentiment analysis and AI modelling.

How swoop helped

Dr Jain says that she was unaware of R&D tax credits when she became a Swoop customer:

“I was looking for funding for OLT when somebody from my circle of friends recommended Swoop to me. Initially I used Swoop purely as a funding platform, and I spoke with a funding manager who recommended me to look into R&D tax credits.”

That conversation led to Sahil Shethia, Swoop’s in-house R&D expert. Dr Jain continues:

“Sahil was patient enough to understand what we were doing and prepared a strong application explaining why OLT should qualify for R&D tax credits. We got about £10,000 back, which is a good amount for a startup.”

Sahil says:

“Dr Jain presented me with a classic example of a company that is intended to be helped by R&D tax credits. By getting this money back from HMRC, we have reduced the need for OLT to borrow, helping a great idea come to market faster and more profitably.”

If you want to learn more about the R&D tax credit, read our comprehensive guide and find out how your business can benefit.