There tons of different types of grants you could apply for this year. Finding the time in your day to weigh up your options is hard, especially when you’re busy.
So that’s why in this blog, we’ll take a gander at what grants you could get for your business to save you some time and, of course, give you a reason to chat to us (like we needed an excuse).
Some local schemes could be perfect for your business if you’re up in the north like we are.
It’s always best to try and go local, in our opinion, so let’s have a look at the contenders.
Durham digital drive
Digital Drive County Durham was created to assist local small companies in maximising their use of digital technologies.
For example, if you were looking to upgrade the fleet with smart vans or add more automation to your yard setup, this could be perfect for you.
Qualifying businesses can use various fully financed resources to increase their digital productivity, competitiveness, and resilience.
Basically, that means a helping hand towards levelling up your business.
You’ll get access to:
- masterclasses and workshops
- contact with an adviser who will perform ‘digital health checks’ on your business
- grant funding support of up to 40% towards the costs of digital consultancy projects, or equipment that will help you to improve your business through the use of digital technology, website/software/app development or broadband infrastructure
If you’re working a lot with technology, this may be the perfect opportunity to get some extra support and funding to help elevate your next project.
The North East Business Support Fund is managed by the NBSL and is the longest established funding source for businesses in the North East.
By meeting a simple set of criteria, you could get up to 40% funding towards projects costing between £2500 and £8000.
That’s a big chunk out of the price for a new van right there!
This could be seriously good for your business and give you a real leg to complete your next big business milestone.
It takes 15 minutes to apply, but we’re happy to talk you through your next steps if you get stuck.
Getting relief on your tax bill is a sure-fire way to save some cash, too.
Here are some things you could look at:
National Insurance relief
Now that national Insurance contributions have risen, it’s worth trying to save here if you can.
If you have anyone working for you, you might be able to claim National Insurance relief of up to £4,000. This is the total for your business mind, and if there’s just one of you, you won’t be able to claim.
Reduce the national insurance contributions you pay for your staff by up to £3,000 per year.
Simple on paper and will make a real difference. Easy!
Corporation tax relief
The current rate of corporation tax is 19% on company profits, but this will rise to 25% in April 2023.
You may be able to claim capital allowances for machinery or new equipment, so it’s worth making use of the reduced rate while it’s still kicking about.
Take on an apprentice
Finally, it’s worth looking at taking on an apprentice. You’ll benefit from significant help from the government and get more hands on deck to help you day-to-day.
All you need to do is pay 5% of the initial training cost, and the government foots the rest. You’ll have to organise the training, but it’s worth your time and effort in the long run.
You’ll also receive funds to spend on training and assessing your apprentices, plus the government will add 10%.
So in no time, you’ll have a fully-fledged team member and have saved a lot of money in doing so.
Let’s have a chat about grants over the phone – get in touch today.