What government support is available for local businesses in 2017?
Although the business environment is being disrupted by Brexit and Trump, there is still a lot of government help for businesses. Bearing the landscape is never static.
So what Government help is out there today?
There are various grants available towards training and tax reliefs like R&D tax credits. These include:
There are regional grants (linked to Regional Growth Fund programmes) that support growth through capital investment and job creation. Depending on the location of your business, you may be eligible for support if you are a start-up business in an economically disadvantaged area. Some subsidised rent and rates schemes are also available to encourage start-ups.
Research and development grant schemes are also available to encourage R&D activities, particularly for some high-tech industries. The support available covers investigation of business ideas right through to proof of concept and development. There are also industry-speciific R&D grants from time to time as well as some well-established tax reliefs to support a wide range of R&D activities.
Energy and the environment
There are grants available for businesses to improve energy efficiency and reduce environmental impact. For example, the Carbon Trust currently offers a financial contribution of up to 30% towards the replacement of business lighting with modern efficient LED fittings.
Grants are also available for some new buildings or for refurbishing of existing buildings which improve energy use.
Some grants are available for training and upskilling staff via apprenticeships. The National Apprenticeship Service offers advice to employers on how their business can start an apprenticeship scheme. This offer is being promoted through the government’s “Get in, go far” site on apprenticeships.
If none of the above applies to your business, no need to despair. The government offers support through tax schemes such as R&D Tax Credits and other capital allowances to reduce tax liabilities.
I will cover some of the other Government schemes available to local businesses in my next blog.
Askews Accountants can advise you on some of the Government schemes and grants available for SMEs. We can discuss what potential benefits and the impact that these schemes can have on your business so that you understand which options are best for you.
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