Fueling Growth: 7 Fantastic Ways for SMEs to Access Government Backed Financial Support
Starting and growing a small or medium-sized business can be a thrilling and challenging journey. But did you know that there are amazing government-supported initiatives that can provide you with the financial assistance you need? If you’re wondering how to get your hands on some extra funding, look no further! Here are seven incredible ways SMEs can receive financial support for their businesses.
Employment Allowance: Claim Up to £5,000!
Are you an employer? As an eligible business, you can significantly reduce your National Insurance contributions (NICs) bills each year through the Employment Allowance. It’s simple – if you’re a sole trader, a limited company, or a partnership with employees, you’re eligible! Just ensure that your employer Class 1 National Insurance liabilities were less than £100,000 in the previous year. This fantastic relief can save you thousands of pounds, so don’t miss out!
Help to Grow: Get up to £5,000 Off Software!
Imagine getting a discount of up to £5,000 on software to boost your business’s digital capabilities. Thanks to the government-backed Help to Grow scheme, this dream can become a reality. By participating in this UK-wide initiative, you’ll not only gain access to cutting-edge technology solutions but also receive top-notch training, personalised support from a business mentor, and the opportunity to connect with a network of like-minded entrepreneurs. Take your business to new heights with Help to Grow!
Business Relief Rates: 50% Off Your Business Rates Bill!
Small businesses in retail, hospitality, and leisure sectors are in for a treat! From April this year, you can benefit from a whopping 50% reduction in your business rates bill. This relief, amounting to a staggering £1.7 billion, is expected to aid up to 400,000 eligible properties. If your business operates as a shop, restaurant, café, bar, cinema, music venue, gym, spa, or hotel, you could be eligible for this incredible opportunity. Don’t let this chance slip through your fingers!
Super-Deduction: Invest and Save!
To further support business investment, the government has introduced the super-deduction scheme. Until March 31, 2023, companies investing in qualifying plant and machinery assets can claim a 130% super-deduction capital allowance on their investments, effectively reducing their tax bill. This initiative is a fantastic opportunity to enhance your business’s productivity, seize growth potential, and benefit from substantial tax savings. Invest in your success today!
Annual Investment Allowance: Deduct the Full Value!
Maximise your tax savings with the Annual Investment Allowance (AIA). By deducting the full value of qualifying plant and machinery assets from your profits before tax, you can enjoy significant financial benefits. Keep in mind that AIA cannot be claimed on business cars or items owned prior to their use in your business. However, you have the flexibility to claim writing down allowances instead or combine AIA with writing down allowances. With the AIA amount temporarily increased to £1 million, it’s an opportune time to invest in your business’s growth.
Fuel Duty Cut: Put Money Back in Your Pocket!
Who doesn’t love saving on fuel costs? The government has your back! Enjoy a 5 pence per litre cut in fuel duty on petrol and diesel for a full year, starting from March 23, 2022. As an SME owner, this reduction can lead to substantial savings. Picture the benefits: £200 extra in the pockets of the average van driver and a remarkable £1,500 saved for the average haulier. Take advantage of this generous initiative and drive your business forward.
Government Grants and Loans: Funding Opportunities Await!
In addition to the specific schemes mentioned above, SMEs can explore a plethora of government grants and loans tailored to their unique needs. These funding opportunities can provide the financial boost necessary to innovate, expand, or overcome temporary setbacks. The government understands the crucial role that small businesses play in driving economic growth, and they are committed to supporting entrepreneurs like you every step of the way.
Government grants administered by reputable organisations like Innovate UK and the British Business Bank are available to provide the necessary capital infusion for critical areas such as research and development and market expansion. These grants can give your business a competitive edge and propel it forward.
In addition to grants, there are loan schemes offered by the government with favourable terms and conditions. Whether you’re just starting out or already an established business, there are loans tailored to meet your specific needs. These loans can provide the working capital required for activities such as expanding your operations, investing in equipment, or hiring additional staff.
To access these opportunities, visit government websites, consult business advisors, and stay informed about funding announcements. Don’t let financial constraints hold your business back. With the right support and funding, your SME can unlock its full potential and achieve remarkable success. Embrace these opportunities, seize the moment, and watch your business flourish.
In conclusion, as an SME owner, it’s important to explore various financial support options that can help your business thrive. The government-backed initiatives mentioned above, such as the Employment Allowance, Help to Grow scheme, Business Relief Rates, Super-Deduction, Annual Investment Allowance, Fuel Duty Cut, and Government Grants and Loans, are fantastic ways to access government-backed financial support. By taking advantage of these opportunities, you can fuel the growth of your business, overcome challenges, and achieve long-term success. Remember, the government is there to support entrepreneurs like you, so make the most of these incredible initiatives and watch your business soar to new heights.
Does any of this resonate with you or your business? Book in a call with Lucy below, at a time that suits you.