Funding, grants and reliefs
Not every business can be started from a laptop on a kitchen table. Many need a financial commitment from the beginning for products, materials, staff and premises among other things. No matter what kind of business you are starting up however, there is a range of ways through which you can find some support with either your initial outlay, or your ongoing, financial situation.
In this section, we’ll look at options you can explore which may be suitable for you, whether for initial capital borrowing, reducing your tax liabilities or bringing outside investment into your business.
Business loans and grants
The most common support you might need is for initial costs and money required to buy the essential elements you will need to get the business set up and off the ground. One possibility may be a loan from the bank where you hold your personal or business accounts but there are other options available too. You should investigate whether you would be better served by applying for a government-backed, Start Up Loan, run through the British Business Bank, which also comes with free business planning and mentoring support. Also, if you intend for your business to support local regeneration or employment, there are grants for apprenticeships, Smart Grants, community funding and enterprise allowances out there too.
Tax reliefs and R&D
When you start your new business and are looking to stabilise your finances after initial spending, the first tax bill can seem a daunting prospect. There are, however, a number of ways in which you canmitigate this through a range of tax reliefs and allowances. If you are self-employed, speak with your adviser about the expenses you are able to claim for ongoing costs and items you have bought for the business that will reduce your tax liability on your Self-Assessment return. Your business may also be eligible for other tax relief in the form of capital and annual investment allowances for the equipment and premises you require in order to run the business, as well as anything provided to employees to use from home.
P10
Made with FlippingBook - professional solution for displaying marketing and sales documents online