There are a number of government business grants that go unclaimed in the UK every year. Large and small businesses are also missing out on a variety of tax breaks.
Why Don’t Businesses Apply for Grants?
There are a number of assumptions regarding government business grants. Many small businesses think that they will not be entitled to these grants or that the amount given will not be worth the trouble of completing the forms. Applications for grants can sometimes be complicated and there will be certain stipulations and eligibility requirements. All of these factors tend to put off a lot of business owners from applying.
Where Can I Find Out About Government Business Grants?
The trouble with government business grants is that they tend to stop and start within given time periods. Sometimes they will change name and be included in new business initiatives. Business Link and Enterprise Agencies are the best place to find information on government business grants. These agencies can also give information on tax breaks for businesses.
Does Every New Business Receive a Government Business Grant?
Government grants for new businesses are available but there are certain stringent stipulations. The British government is not exactly business grant friendly when compared to other European and international countries. There is no one set grant available for those considering opening a business. Hunting out grants will take some time and that is where agencies such as Business Link are invaluable.
Are Local Councils Useful in Finding Business Grants?
Local councils should have a list of grants, loans and awards that are specifically aimed at businesses. Councils will have details of these business grants on their own websites. This is definitely worth checking out as there could be specific grants available from specific councils. Businesses that are locally based and provide a service for the immediate community should definitely approach the council for this type of information.
What Types of Grants Are Available?
Government business grants can include direct grants towards training, recruitment and developing the export side of the business. Businesses may have to put up some of their own money in order to benefit from a direct grant. Repayable grants are available for specific projects with the repayments coming from business revenue in the future. If the project actually fails then the grant does not have to be repaid.
What Tax Breaks Are There For Businesses?
Businesses should be aware of all the tax relief that is available to them as tax relief can save a business thousands of pounds. First year allowance on office machinery and furniture can provide big savings. There is also tax relief on companies that use ‘green’ technology such as low carbon emission vehicles and energy friendly office systems. Company accountants should know all of the tax breaks available; even paying into a pension plan can be tax deductible.
Why Does The Government Give Business Grants?
The main aim of government business grants is to create a more favourable economy through business growth and to encourage small businesses. This is why grants are not only given nationally but locally through councils. There are also business grants available through offices such as the European Commission. There are different schemes for different industries and each will have their own budgets and eligibility requirements.
What Are The Business Grant Stipulations?
Stipulations for business grants will vary depending on the grant applied for. For example grants for small and medium sized business will have stipulations on how many people are employed within the business. There are industry and business sectors that have their own specific grants and eligibility criteria. There will also be location stipulations with grants only available to businesses within certain locations. These locations can be defined by country, city and even by businesses within economically deprived areas.
What Other Free Help is Available to Businesses?
Help can come in the form of business consultants and access to business technology. This sort of help would cost a lot of money if the business had to pay from its own capital. This is where agencies such as Business Link and Enterprise Agencies are invaluable. Remember, grants and other help are available but the onus is on the business owner to find out; grants will never just be automatically given out to new businesses.
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@debs - you may be able to try My Lost Account, see link here. I hope this helps.
UnclaimedFinances - 14-Jul-15 @ 3:02 PM
my father passed away here in spain last year.and everything was arranged over here because he had property here but he also worked all his life in the uk.i was just wondering if they could be life insurance policies,bank accounts etc etc as we found basically nothing regarding finances in the uk.he died suddenly so didn't have time to sort all the paperwork out,and we are still upset at the sudden departure of him but we just need a little help on the uk side.thankyou miss d connor
debs - 12-Jul-15 @ 6:19 PM
You have given a long discussion government business grants, You have provided such great information to us, Thank you and keep posting.