4 business support schemes available right now

4 business support schemes available right now

Below is a summary of four ways in which you may be able to obtain financial support. If you require assistance or further information about any of the information below, please do get in touch.

Table of Contents

You could claim up to £5,000 with the Employment Allowance

The Employment Allowance is a form of tax relief which allows eligible businesses to reduce your National Insurance contributions (NICs) bills each year. Businesses with employer Class 1 National Insurance liabilities that are less than £100,000 in the previous tax year, could be eligible.

In April, the Government increased the Employment Allowance from £4,000 to £5,000 to further support SMEs.

You can find out more on the Employment Allowance here – GOV.UK. 

Get a discount of up to £5,000 on software, with the Help to Grow scheme

There are two variations of the Help to Grow Scheme available. Firstly, the Help to Grow Scheme (Digital) is a UK-wide government-backed scheme that aims to help businesses choose, buy, and adopt digital technologies that will help them grow their business.

Eligible Businesses could receive a 50% discount, worth up to £5,000 per SME, when buying new software worth up to £5,000 per SME. Additionally, businesses will also receive free impartial advice and guidance about which digital technology is best suited to boost their business performance.

Secondly, the Help to Grow Scheme (management) aims to provides small businesses with access to business expertise, from leadership and financial management to marketing and digital adoption. The scheme is 90% funded by the Government and is delivered through leading UK business schools, alongside one-on-one support from a business mentor.

This scheme will help eligible businesses formulate a business growth plan to help lead and grow the business.

To be eligible, the business must be a UK-based SME, actively trading for at least one year and have a total of between 5 and 249 employees.

For more information and to apply, visit Help to Grow on GOV.UK. 

Cut your business rates by up to 50%

Starting in April this year, small retail, hospitality, and leisure businesses could benefit from 50% off their business rates bills.

The business rates multiplier has also been frozen for another year, saving businesses an estimated £4.6 billion over the next 5 years. This multiplier is used to calculate how much business rates a business should pay, and it usually rises with inflation each year.

2022/2023 multipliers are as follows:

  • Small business – 49.9 pence
  • Standard Business – 51.2 pence

From April 2022 there will be no business rates due on a range of green technology, including solar panels and batteries, whilst eligible heat networks will also receive 100% relief. Together these will save businesses around £200 million over the next five years.

Business Support

Invest in your business with Super-deduction and Annual Investment Allowance

The super-deduction allows businesses to cut their tax bill by up to 25 pence for every £1 they invest in any qualifying machinery and equipment. This can include the purchase of computers, most commercial vehicles, and even office furniture.

The temporary £1 million limit for the Annual Investment Allowance has also been extended to the end of March 2023 after initially been scheduled to revert to £200,000 at the start of 2022.

Both of these tax breaks remain available for firms to take advantage of until the end of March 2023, by incurring qualifying expenditure before then.

You can read more about utilising Capital Allowances & the Super-deduction here 

Our Support

If you require any further support or guidance on any of the schemes communicated above, please get in touch. Alternatively, if you have any general queries or need any other support, please get in touch.