R&D tax relief’s role in a period of rapid growth
Founded in 2019, ORCA Computing is based on over 30 years of scientific research from Professor Ian Walmsley’s group at the University of Oxford focusing on ultra-fast and non-linear quantum optics. The company was established with the aim to introduce a new perspective to the field of photonic quantum computing.
As a young, fast-growing company in a highly technical area, Richard Murray, Co-founder and CEO, explains how important funding is to ORCA Computing and the value of R&D tax relief to the company.
“We build photonic quantum computers, so we’re a very R&D intensive company and we’re also venture backed. Given that, there’s a lot of expensive technical development our investors need us to do to make progress towards the ultimate goal of releasing a product. This means we are very finely tuned to making as much progress as we can with the funding we have available, and R&D tax credits really help to supplement what we can do. We’re a global business and they make us much more competitive in the market against some of our international peers.”
The retrospective nature of R&D tax relief allows businesses to focus on product development, with the ability to then claim on qualifying activities at the end of the accounting period. This is helpful for companies focused on innovation as it does not place restrictions on the development process.
“We don’t have to worry about changing the work that we might do in order to fit particular objectives, as we might with direct grant funding. That allows us to be quite flexible in how we approach our innovation, and the team at ForrestBrown then help us capture eligible activities,” says Richard.
Richard Murray Co-founder and CEOWe get approached by a lot of R&D tax credit consultancies and for us, it is a no-brainer working with ForrestBrown. The experience we’ve had is great and I recommend them highly to anyone who ever asks me.
The value of working with a specialist
ORCA Computing are specialising in creating and delivering complete photonic quantum computing systems that demonstrate quantum advantage whilst also showing real-world applications. Given the enormous complexities, it was clear they were conducting research and development activities, however they were looking for a partner to support them with making a robust claim.
“We chose to partner with ForrestBrown through a recommendation. We’re still working together because the experience has been really positive. As a business, they have the calibre of people to understand what we’re doing, which is no mean feat given that we’re building a quantum computer. Knowing that we can trust ForrestBrown to translate our complex projects to HMRC and deliver our claim on time is important to us. Also, the assurance that we can rely on ForrestBrown to submit the claim properly and to defend it, if it comes to that, gives real peace of mind.”
In its five years of business, ORCA Computing has opened offices across the world, with headquarters in London and further locations in Canada, Poland and the USA. R&D activity is carried out across all of these sites, so ForrestBrown’s expert team used their technical knowledge to ensure all qualifying activities were captured across all locations.
“There was an activity outside of the UK which we weren’t expecting to be able to claim for that was pretty quickly uncovered by ForrestBrown. Their sector specialists understand our business enough to ask the right questions to ensure we include all eligible costs in our claim and unlock the true value of our innovation.”
Innovation Incentives in the technology sector
If you’re navigating the complexities of the technology sector and seeking innovative solutions to your challenges, we’re here to help.
Our team at ForrestBrown is equipped with the expertise and experience to guide you through R&D tax credits, Patent Box benefits, capital allowances, and opportunities for grant funding.