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Hans India
09-07-2025
- Business
- Hans India
Top Small Business Grants in the UK: A Busin Assist Guide to Kickstarting Your Venture
Explore the top small business grants available in the UK for startups and entrepreneurs. Busin Assist's expert guide helps you find funding opportunities to launch and grow your business in is a major challenge for startups. Raising startup funding from investors, grants, and loans after UK company formation is a crucial step toward business growth. While businesses must repay loans and investments, grants, on the other hand, do not need to be repaid. Grants are tailored to provide small businesses with financial support to streamline their starting process and enhance performance. A grant can be awarded by the government, a foundation, or another company. Grants are, however, not free money since they have terms that must be met before your business is awarded. While government grants are available, getting a grant for small business can be challenging. This guide will give you an overview of grants that could work for your business, not forgetting tips on how startups can navigate the complex process of getting small business grants. An overview of small business grants A small business grant is a financial award given to entrepreneurs to kick-start their business. These grants are awarded to startups helping entrepreneurs launch their businesses seamlessly. In the UK, the grants can come from the government and private organisations to support UK businesses and to help the economy flourish. There are different types of grants that small businesses can benefit from. Some grants can come in the form of tax relief or training on how you can maximise your profit margins. These grants include: Direct grants These grants are provided in cash to assist businesses in pursuing specific initiatives. The amounts can vary significantly, from several hundred pounds to a maximum of £50,000. If the funds are utilised as per the stipulated spending and timeline criteria, repayment is not required. Instead, investors generally acquire an equity interest in the business. Resource and training grants Government entities, local authorities, and private organisations provide targeted resource and training grants, frequently designed for specific demographics or needs. Examples include business startup grants for individuals over 30 in the UK and grants for veterans to facilitate their transition into civilian life. It is important to seek out UK business grants that may be beneficial, utilising both online resources and personal networks. Tax relief Tax reliefs can enhance your profit margins. For instance, the Enterprise Investment Scheme (EIS) and the Seed Enterprise Investment Scheme (SEIS) assist companies in securing funding by providing tax incentives to their investors. Regional grants These are financial assistance programs that are aimed at businesses located in particular regions or sectors experiencing economic difficulties or potential growth. Prince's Trust grants Development awards of up to £500 are available for UK residents aged 16 to 30 who seek financial assistance for training purposes. Forestry Grant Scheme Financial assistance is available for companies that establish new woodland areas or engage in the sustainable management of current woodlands. Additionally, various government grants are accessible to startups in the UK, including Innovation grants, the National Lottery Heritage Fund, Local Enterprise Partnerships (LEPs), and the New Enterprise Allowance. Tips for small businesses to get grants Research There are many grants available. You can research UK government grants on a searchable database, while for other grants, you can look into funding directories. Check your eligibility Every grant has its own terms and guidelines. Entrepreneurs have to read and understand the terms of the grant to see if it aligns with their business objectives. Fashion startups cannot apply for grants that focus on tech businesses. Check your funding Some grants will want to match the amount you're willing to invest, so if you're seeking a grant of £10,000 then make sure you have a matching amount available. Have a great business plan The awarding organization for the grant will require a comprehensive business plan, similar to other funding types, and if your business is already operational, you should provide evidence of your current business status. Apply early You have a better chance of receiving a grant if you apply when a scheme first launches. Make sure you include all the required information and address all the questions. Explain clearly why you need the grant and how you will use it. Focus on the grant use Grants are typically allocated for particular initiatives, such as the acquisition of IT equipment or the financing of broadband installation. It is essential to utilize the application to demonstrate how these resources will contribute to the expansion of your business and provide advantages to others, rather than focusing solely on the IT equipment in question. Grant reporting If you are awarded a grant, you will need to prepare reports and documentation to show how the grant funds were spent. Competition Many innovation competitions can help small businesses get funding. In conclusion, getting a small business grant can be a complex process, but this guide can streamline it. After forming a UK company, you can easily apply for a grant to finance your startup and launch smoothly. To enhance your chances of success in the application process, it is essential to prepare a well-detailed and current business plan, have a defined budget plan, financial statements, and a detailed explanation of how your business meets the criteria for the small business grant. Government grants, including those offered by the Welsh and Northern Ireland Assemblies and the Scottish Parliament, are accessible to businesses in the UK. For entrepreneurs looking to form a UK company, it is advisable to start with the Business Finance Support Finder, which offers valuable resources. The Welsh government has a list of grants available through its Business Grants website and also Enterprise Ireland provides funding opportunities for a range of businesses, from small companies to larger organisations. There are also other alternatives to small business grants such as loans, crowdfunding, angel investors, investors, equity finance, and funds from family and friends. Form your UK company seamlessly with BusinAssist and kickstart your business effectively. They help businesses who want to tap into the UK market. Overseas businesses can incorporate their business using a London virtual office and operate remotely. If you have any queries about UK company formation, you can contact BusinAssist at [email protected].
Yahoo
26-05-2025
- Business
- Yahoo
How getting ahead on your tax return can help cut your tax bill
If you do a tax return, there's a key date to be aware of in May. If you're completely self-employed you can get cracking on your tax return on the first day of the tax year on 6 April. However, if you get any of your income from employment, you'll need to wait for your P60 to arrive, showing the salary and benefits you got this year. Your employer has to give you this by the end of May, so this is the time to get stuck in. Nobody would blame you for wanting to put off the boredom and anxiety of a tax return to the last possible second. In fact, more than 730,000 people left it to the last day in January this year — so you're far from alone. Unfortunately, leaving it to the last minute just makes the whole thing more stressful and prone to mistakes — plus you miss out on the chance to do a few clever things that can cut your tax bill. So there's plenty to be gained from starting now. It makes sense to put money aside for your tax bill as you go through the year, so you can pay your bill from this reserve. However, sometimes things don't go to plan, and you could end up with a shortfall. Regardless of when you file, you have until 31 January to pay, so you have months to put the extra cash aside. Read more: How to tell if you're rich A penalty is charged if the tax is not paid by the due date. HMRC also charges interest on unpaid tax. You can use the Budget Payment Plan service to set up weekly or monthly direct debit payments to spread the cost. This may not work for anyone with a particularly lumpy income, but can be useful for anyone who could do with some help managing payments. Most of what you do now will only affect your tax bill for the current tax year, but there's something known as "carry back", where you can do something today to cut the tax bill you're filing. You can use this if you're a higher or additional rate taxpayer who gives money to charity, and claims the extra gift aid through their tax return. You can make a donation now and include it in the tax return you're filing. This is particularly useful if your income is going to fall below a tax threshold this year, because you can claim gift aid in a year when you were paying a higher rate of tax. Another carry back rule applies if you've invested in an Enterprise Investment Scheme (EIS) in the current tax year, and you want to carry income tax relief of 30% to the previous year. Payments don't have to be in until January, but if HMRC owes you money, your refund will be processed now, so you should get it sooner rather than later. If you spent ages digging out details of interest payments, dividends or profits on share sales, consider consolidating to simplify things — bringing together things like savings and investments so they're easier to manage. Of course, none of this takes away from the fact that a tax return can be a fairly joyless experience. If you find yourself putting it off in the coming weeks, it's worth thinking whether you might want help from a professional to get it over the line. At this time of year, they're far less likely to be busy, so you can shop around for a cost-effective more: Who wears the financial trousers in your relationship? How to plan for retirement and track your pension pot income Why it's important to plan for retirement with your partnerError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Forbes
29-04-2025
- Business
- Forbes
What's Behind Britain's Growth Funding Gap? A VC View
James Codling, Managing partner at Volution Ventures says VCs can be too stage specific 'We need a holistic approach to investment in the U.K.,' says James Codling. 'It can't remain as an amazing market for Seed and Series A, but with nothing when you get to growth. That just doesn't work.' Codling is the Managing Partner at Volution Ventures, a London-based VC that has just announced the launch of a $100 million fund focused on supporting companies in sectors such as fintech and enterprise software. Created in partnership with Japanese investment company SBI, the fund is intended to play a part in addressing a thorny problem that afflicts the United Kingdom's venture ecosystem - namely, a relative shortage of growth-stage capital. It's a problem ackknowledged by, the British Venture Capital Association in its latest report on U.K. VC finance. As the report points out, U.S. firms raise twice as much capital as their British counterparts, with the gap being much larger at later funding rounds. The BVCA also notes that the dominant presence of overseas investors at later stages is a factor in British startups relocating abroad, just at the point when they begin to generate real value. And even the jump from Series A to Series B can be difficult. Volution cites Dealroom figures suggesting that conversion rates have dropped by 50% in five years. 'The growth journey from Series A onwards is one of the toughest that any founder will ever go on,' says Codling. So why is that the case? Well, at least partly because founders often struggle to meet the expectations of VCs. As Codling points out, once a company moves beyond series A, investors are looking for tangible evidence of execution and delivery. 'Founders get very excited when they raise Series A, but to attract growth finance, they need to be ten to twenty times Xing where they are at Series A," he says. It's not just about revenue growth and profits. Codling says companies need to build out their systems, processes and teams, along with their sales and distribution models if they are to successfully scale the funding ladder. However, there are also structural factors at work. Successive UK governments have taken action to encourage investment in startups, with the tax system playing an important role. Initiatives such as the Enterprise Investment Scheme, British Patient Capital and the regulation of Venture Capital Trusts have all provided tax breaks for investors. This has generally been considered to be a good thing, but it can skew the market. 'These schemes don't really support late-stage investment,' says Codling. And as he sees it, there is a need to encourage support for businesses at every stage. 'The UK is phenomenally good at driving the creation of companies that can access Seed and Series A. But if the funnel isn't bigger, we won't be able to support companies as they grow," he says. This, he says, should be of concern not just to founders but also to the government and citizens alike. If taxpayer money is poured into supporting early-stage companies who struggle to raise the finance they need at a later point in their development, there is a risk that the cash will be wasted. So Codling argues for a more 'holistic' approach to investment on the part of VCs. Rather than seeing themselves as specialising in Seed, Series A, Series B, they should provide funds for good companies throughout their journeys. In other words, they should become less stage-focused. That might be a big ask at a time when VCs are adapting to a market in which valuations have fallen and exits are thin on the ground. So what is giving Volution the confidence to invest across stages with the aim of supporting companies from Seed to growth? Well, there are opportunities. Codling says Volution's approach is to align with the government's emerging 'industrial strategy.' What that is, isn't yet entirely clear, but it is likely to include fintech, AI, defence, energy, biotech and deeptech. These are sectors that will drive growth in the UK while also having the potential for international sales. Currently, the fund favors businesses with revenues between $5 and $20 million, with a current focus on fintech and AI-driven enterprise software. Stepping back to look at policy, Codling says current business support strategies could be better directed. 'There should be more emphasis on venture going towards a long-term growth strategy,' he says. 'Taxpayers' money might be better spent on growth drivers.' By that, he means businesses that could contribute significantly to boosting the U.K.'s flatlining growth. The government is addressing later-stage funding through its Mansion House accord, an agreement with pension funds aimed at directing more institutional money into scaleups. However, Codling says current regulations on fees make it difficult for institutions to align with VCs. The launch of Volution's fund is just part of a bigger and quite complicated picture. While late stage finance is recognised as a problem, figures published by HSBC Innovation Banking and Dealroom suggest that in first quarter of 2025, breakout deals (Series B and C) accounted for the bulk of capital raised ($1.8 billion) while later-stage financing amounted to $1.7 billion. The same report notes that the UK has created 185 unicorns. However, these headline figures can disguise the problems faced by individual companies. Looking forward, the creation of a framework that supports more growth-stage companies remains the next step in the evolution of the U.K.'s innovation economy. .
Business Mayor
23-04-2025
- Business
- Business Mayor
How to Help UK Start-ups Flourish
You're reading Entrepreneur United Kingdom, an international franchise of Entrepreneur Media. Kecsmar, who has experienced firsthand the struggles and triumphs of building a tech startup in the UK, offers a sharp critique of the current support available for early-stage ventures. Despite initiatives such as the Seed Enterprise Investment Scheme (SEIS), Enterprise Investment Scheme (EIS), and R&D tax credits, UK startups face growing barriers to success. Funding: A persistent hurdle} For Kecsmar, one of the most pressing issues facing startups is access to funding. 'Funding remains a major challenge, with early-stage investment becoming harder to secure,' he says. The numbers support his claim: in 2024, just €16.5bn was invested in UK startups, the lowest since 2018, and much of that went to later-stage companies. The implication is clear: the funding ecosystem in the UK is increasingly skewed toward scaleups, leaving early-stage startups struggling for attention and resources. 'This suggests we're going backwards in the UK in this regard,' Kecsmar notes. This funding gap must be addressed to allow more startups to reach maturity. The government could play a crucial role here. Kecsmar proposes partnerships with major tech firms to offer discounted cloud services and AI tools to startups – critical resources for companies in their infancy. Beyond this, tax credits for office space and transport could lower operational costs, easing the financial burden on early-stage businesses. The benefits of government programs Despite the challenges, Kecsmar remains a strong advocate for the government's existing support mechanisms, particularly the R&D tax credit program. 'Government programs like R&D tax credits have been invaluable for Antavo,' Kecsmar explains. These credits have allowed Antavo to fund its innovation team, Antavo Labs, which is central to the company's development of cutting-edge loyalty technology. The R&D tax credit has allowed Kecsmar's team to experiment with new ideas without the constant pressure of financial constraints. 'By reducing the financial burden of innovation, these credits have allowed us to stay ahead of the curve,' Kecsmar says. 'They've been key to accelerating our product development and growth.' However, Kecsmar is quick to point out that these programs need to be more widely available and targeted at the very startups that need them the most. If the UK is to remain competitive, investment in R&D, particularly in emerging technologies, should be increased. What can be done to help start-ups grow? Despite the successes of existing programs, Kecsmar is not convinced that the current climate is conducive to fast startup growth. The funding shortfall is just one part of the equation. 'We need a more founder-friendly ecosystem,' he insists. The current system, he argues, makes it difficult for startups to access the funding, talent, and support they need to thrive. The UK must also be more open in terms of talent acquisition. Since Brexit, the movement of skilled workers has been hampered, creating a talent deficit in many sectors. For Kecsmar, solving this issue is critical. 'Making it easier for skilled workers to move to the UK would be a game-changer,' he says. Allowing greater flexibility in hiring and immigration would provide startups with access to a global pool of talent, something that is especially crucial in the fast-moving tech sector. A call for regulatory reform Beyond funding and talent, Kecsmar highlights the need for regulatory reform. He argues that blanket regulations, particularly in fast-developing fields such as AI, could stifle innovation. 'We need reduced AI regulations for startups only, up to a certain size,' he explains. Kecsmar emphasizes that these regulations should still include ethical guidelines and oversight, but the imposition of heavy rules could prevent small firms from competing effectively with their global counterparts. The UK government, according to Kecsmar, should consider introducing a 'start-up exemption' – a form of regulatory flexibility that would allow smaller businesses to operate under more lenient rules, at least during their early years. Such a move could help level the playing field with startups in the US and China, where tech regulations are often less restrictive. Investing in infrastructure Beyond policy reforms, Kecsmar stresses that the UK must continue investing in technological infrastructure if it is to remain a global leader in innovation. Cuts to tech and AI funding in 2024 – totalling £1.3bn – have raised concerns that the UK risks losing its position as a top destination for startups. 'There's a very real chance that the UK has already lost some top talent to the US,' Kecsmar warns. If the UK is to remain competitive, the government must reverse these cuts and prioritize investment in emerging technologies. Kecsmar also proposes tax incentives to encourage the hiring of apprentices and interns by startups. By reducing National Insurance costs for companies that take on young workers, the government could help alleviate some of the financial pressures faced by small businesses while also addressing the skills gap. Competing on the global stage Startups in the UK are not only competing with each other – they are up against ecosystems in the US, China, and beyond. The government must understand that UK startups are not operating in isolation. As Kecsmar succinctly puts it: 'We need to look at the global stage. Who are startups in the UK competing against, and what are their ecosystems like?' The UK's future as a global hub for innovation depends on how effectively it can compete with these other ecosystems. To do so, the government must make bold moves to improve access to funding, reduce regulatory burdens, and foster a more open and competitive talent pool. The UK has a long history of nurturing entrepreneurial talent, but the landscape is changing. If the government is serious about fostering a thriving startup ecosystem, it must invest more in technological infrastructure, reduce regulatory barriers, and create an environment where talent can flourish. The path forward is clear: better funding, smarter regulation, and a more flexible approach to hiring and innovation will ensure that UK startups remain competitive on the global stage. As Kecsmar concludes, 'A more founder-friendly ecosystem with improved funding access, scalable support, and a more open approach to hiring would help unlock the UK's full entrepreneurial potential.' Only with these changes can the UK remain a leader in the global innovation race.
