In previous news, we have referred to a number of options available for getting funding towards business development projects. The situation is always changing, so here is a brief update:
R&D tax credits: From 1st April, 2015, the tax relief on allowable R&D costs has increased from 225% to 230%. This means that for every £100 of qualifying costs spent you can deduct £130 from profit and thus reduce your Corporation Tax. See our initial blog post at http://www.transcendit.co.uk/blog/posts/is-your-business-getting-its-r-d-tax-credits
£3,000 grant for high speed broadband is still available – see http://www.transcendit.co.uk/blog/posts/3-000-funding-for-high-speed-broadband-connections
NBSL Funding for projects up to £3,500 closed at the end of July but an announcement about a new fund is expected soon. So watch this space and keep checking http://www.nbsl.org.uk.
Investment for Growth funding (http://www.transcendit.co.uk/blog/posts/40-funding-still-available) had been extended to June 2015. Whilst we have not heard of any announcement to extend this fund further, it may well be worth checking directly with Investment for Growth (http://www.investment4growth.co.uk)”
There are many other grants available, depending upon the nature of your business and the type of development that you are doing. For a good guide to grants available in the North East, see http://www.nea2fguide.co.uk/funding-options/grants/.
Other sources of funding are available through the Finance for Business North East scheme. See https://www.gov.uk/finance-for-business-north-east#what-you-need-to-know and http://www.northeastfinance.org.