If you run a small business you’ll understand the importance of making the most out of every pound—as well as taking advantage of every opportunity that’s available to you.
If your business is registered in the UK, there are a wide range of small business grants available to you, depending on where in the country you’re based, while some are intended for organisations operating within specific sectors.
R&D Tax Credits
R&D Tax Credits are designed for innovative projects in the fields of science and technology. Companies can claim these credits if they are conducting research or developing advancements in their sector, even if the project is unsuccessful.
Eligibility requirements for the Small and Medium-sized Enterprise (SME) R&D tax relief include having fewer than 500 employees and either a turnover of under €100 million or a balance sheet total below €86 million. Over and above these requirements, larger businesses can also claim R&D Expenditure Credit (RDEC) for corporation Tax relief, find out more here.
Gigabit Broadband Voucher Scheme
Access to a fast internet connection is essential for small businesses in 2024, and the Gigabit Broadband Scheme vouchers offers up to £4,500 that can be put towards the cost of installing gigabit-capable internet connections.
Innovate UK
Innovate UK Business Connect connects innovators with new partners, and provides a wide range of support for organisations operating within science, manufacturing, medicine and more. You can find the current funding opportunities offered by Innovate UK here.
Seed Enterprise Investment Scheme (SEIS)
A maximum of £250,000 is available via SEIS, and the scheme works by offering investors tax relief when they buy shares in your company.
Note that there are specific conditions you’ll need to meet so investors can claim the SEIS tax relief, and this relief can be withheld or withdrawn if these conditions aren’t met for three years from the date of the investment.
Plug-in grant for low-emission vehicles
Some types of low emission vehicles are eligible for government grants, easing the cost of making efforts in reducing your company’s carbon footprint—and you don’t even have to do anything. Simply purchase a low emission vehicle for your business and the dealer will reduce the price of the vehicle by the value of the grant available.
Workplace charging scheme
You can also receive vouchers to support the installation of electric vehicle (EV) chargepoints, and the Workplace Charging Scheme is open to businesses, charities and public sector organisations that meet the eligibility criteria.
The grant covers up to 75% of the total cost of purchase and installation, capped at a total of 40 sockets per applicant, and £350 per socket.
Government apprenticeships
Taking on an apprentice not only provides a young person with invaluable work experience, but you’ll also be eligible for government support in funding your apprentice’s on-the-job education. Government apprenticeships are a great way of securing ethical, low cost support.
British Council Grants
The British Council connects businesses, organisations and institutions in the UK and around the world, and it offers a range of grants that can be used to fund research, travel and workshops. Take a look at their current funding calls and opportunities.
Ashden Awards
Cash prizes of up to £25,000 are available for businesses all over the world that offer outstanding climate solutions. As well as the money on offer, winners receive global media coverage and the opportunity to represent themselves on stage at the COP climate conference.
Countryside Stewardship
There are a total of 260 grants offered by the Countryside Stewardship programme, depending on what improvements you’re looking to make for your business.
UnLtd Starting Up Award
Up to £8,000 is available for businesses that are aiming to solve a social issue, thanks to the UnLtd Starting Up Award. This money can be used to get you started or to help you grow, while one-to-one business coaching and access to business networks is also available.
UnLtd Scaling Up Award
UnLtd also offers £18,000 grants for small businesses making a positive difference to people’s lives, communities, or the planet that are looking to scale.
Regional Small Business Grants
As well as the national grants listed above, there are many localised grants that are provided within specific Local Authorities. You can find a comprehensive list of these local grants here, so check them out to discover what might be available for your business.
Here at Warr & Co we understand that every small business is different—because we’ve grown from an SME ourselves. This is why we offer accountancy services tailored to your specific needs, including corporate tax planning, cloud bookkeeping, VAT, R&D relief and payroll and auto enrolment.
To find out more about why Warr & Co is the accounting firm of choice for small businesses across the UK, get in touch with our specialist small business accountants today, or book a free Small Business Consultation.