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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].
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.
Telegraph
08-04-2025
- Business
- Telegraph
‘Why should I endure HMRC's pitiful interest and a six-month wait for my tax refund?'
Email your tax questions to Mike at taxhacks@ Dear Mike, The Spring Statement included measures to crack down on tax evasion and fraud, thought to net the Treasury £1bn over next four years. However, there is another side to the story, because HM Revenue & Customs (HMRC) is sitting on overpaid tax. I invest in the SEIS (Seed Enterprise Investment Scheme) and get tax relief, but it is always a job getting HMRC to pay the reliefs due. I have a long list of the unsuccessful attempts made to recover the tax, both in writing and by phone. If someone answers they might be working from home and cannot deal with self-assessment, or need to speak to a technical officer, often unavailable. Promised callbacks do not materialise. At the moment I am owed thousands. I rang yesterday to be told that they aim to process my letter of mid-January by July 20, a delay of six months. I asked to speak to a technical officer, but the response was that the matter required a higher rank to deal with it. This is after being asked to resubmit paper copies of a dozen EIS certificates, despite the spreadsheet entry in my tax return of last autumn. I believe that I am not alone in this. It is possible that HMRC is sitting on funds of around £1bn on which it pays a rate of interest which is pitiful? David Dear David, You are due these tax repayments because you invest in young growing companies through EIS and SEIS. These tax incentives have been made available by successive governments precisely because, although sometimes risky, they are usually in the high growth businesses of the future on which our economic growth depends. Rachel Reeves understandably wants growth to help fund public services, but the administrative delays by HMRC that you mention inevitably serve to blunt the incentive to invest. Although your repayment arises from qualifying EIS investments, it is a wider issue as highlighted in a recent article by Madeleine Ross, which noted that HMRC has stopped processing tax repayments requested by telephone. The problem, as you have discovered, is that claims by post are not being dealt with efficiently either. The issue you rightly raise is that the scales are weighted heavily in favour of HMRC and against taxpayers. In the Spring Statement, the Chancellor announced that as of April 6 2025, interest on unpaid tax will be charged at 8.5pc. The Government says that this is part of the package to bring down the balance of unpaid tax and is fair to other taxpayers who pay on time. This compares with the interest rate paid to taxpayers on repayments due of 3.5pc. I entirely agree with you that it seems unfair to make taxpayers such as yourself wait for six months or more to recover your money while only receiving this return on their money. On top of this, HMRC will be restarting the direct collection of tax from customers' bank accounts. This process was originally introduced by the previous government in November 2015 but discarded five years later. I have many concerns about this process, not least the absolute necessity of ensuring that the tax is due. As the Treasury Select Committee said at the time: 'This policy is highly dependent on HMRC's ability to determine accurately which taxpayers owe money and what amounts they owe, an ability not always demonstrated in the past.' I wrote recently about a case where an entirely innocent lady, Gabrielle O'Donovan, was brought to the brink of bankruptcy when HMRC incompetence meant she was confused with an entirely different person. As you imply, you are not alone in experiencing this problem. Other readers tell us that they have also suffered long delays at the hands of HMRC. One said: 'I submitted my tax return in September and the HMRC website by early October showed that [it] owed me my tax refund, but they didn't pay it to me. I wrote but they didn't answer. I wrote again, which went unanswered. In March I phoned, and having waited 45 minutes I eventually got through and the payment was authorised, but with no explanation for the hold up.' Another reader said: 'I submitted my return in mid-July showing a reclaim. I chased the repayment and, after an hour on the phone, eventually got through to someone who said the repayment needed a 'security review', but couldn't say what tasks were involved. I infer that 'security review' is probably just a new excuse they have invented to justify delays and likely doesn't relate to security at all. The repayment arrived in mid-October.' HMRC says that such reviews are to protect against fraud. It is clearly right for HMRC to guard against fraudulent claims, but I am not sure why this should take so long to process. Claims for tax relief are made on EIS 3 certificates only issued by the company, but only after following the HMRC clearance procedure. In addition, by far the majority of EIS investments are made through wealth managers who will have carried out their own review. The issue of slow tax repayments is much wider than just those seeking repayments on EIS investments. Esther Shaw recently wrote a summary of the most common reasons for tax overpayments, together with some useful tips for speeding up the process. The Association of Taxation Technicians (ATT) has been working with HMRC in an attempt to improve the position. It suggests avoiding human intervention where possible by filing returns online. According to HMRC, tax repayments should then be processed within 10 days. Claims made using R40 paper forms inevitably take longer. The ATT also advises against submitting voluntary returns, and suggests requesting a notice to file from HMRC. It is also important to complete the bank details on page TR6 of the return to avoid banking delays. The Low Incomes Tax Reform Group (LITRG) carries out an important support function for unrepresented taxpayers. Its guidance notes that a four-year deadline exists for claiming back overpaid tax. However, if you miss the deadline, you may still be able to obtain a repayment through Extra Statutory Concession B41 if there has been an error by a government department, as explained in the HMRC manuals at SACM10040. Mike Warburton was previously a tax director with accountants Grant Thornton and is now retired. His columns should not be taken as advice, or as a personal recommendation, but as a starting point for readers to undertake their own further research.
