Running a profitable business can be challenging, particularly when you’re in the startup phase. Thankfully, there are plenty of incentives, initiatives, schemes and grants that UK business owners can apply for. You won’t be eligible for all of them – and we also can’t list every single one here or you’d be reading all day long. Instead, we have picked out a few of what we believe are the best offers in terms of what you get back. Check them out down below:
This programme has been created by Fiserv and looks to help ethnically diverse businesses in the UK. To be eligible, your business must be owned by a person from a diverse ethnic background. You also need to be in business before January 2020 and have fewer than 15 employees with a turnover of under £100,000. So, it’s very much a scheme that targets small businesses trying to make their way in the big business world. You can get grants of up to £10,000 if accepted onto this programme, making it a fantastic way to help fund your little business.
R&D Tax Credits
R&D stands for research and development, and it looks at things revolving around innovation and technology in the business world. Effectively, the government offers R&D tax credits for startups that can help you save a lot of money every year. If your startup focuses on research and development, you can claim back money on what you spend doing all of the R&D work you carry out. It’s very easy to apply for these credits – and most businesses get approved if they suit the parameters. Essentially, you can claim almost a third of your R&D costs per year back as tax credits. It reduces your tax bill, helping to increase your profit margins.
SEIS (Seed Enterprise Investment Scheme)
Technically, this is more of a scheme that offers incentives to investors, but it can still benefit your business. If you use the SEIS, you can get investments of up to £150,000 to help you start your business. Basically, the scheme works by giving investors tax reliefs on their shares if they invest through the scheme. So, it’s a way of finding funding for your business by encouraging investors to pick companies on the scheme.
The National Lottery Heritage Fund
It is possible to get funding from the National Lottery if your business supports the local community. You can get anything from £3,000 to £5 million, so it’s a massive fund to take advantage of. It’s well worth reading into this to see if your business is applicable because you could gain a lot of money that’ll really help you grow and establish yourself.
These are just four of the many schemes and initiatives on offer throughout the UK. Some of them are government-funded, while others are funded by other organisations. In any case, go through each of the options, check the eligibility rules, and apply for as much as you can. What’s the worst that can happen? Nothing. The best? You get money to help you start your business.