Five ways you can get financial support for your business
1: Claim up to £5,000 with employment allowance
Employment allowance is a tax relief which allows eligible businesses to reduce their national insurance contributions bills each year. You can claim this is if you are a business, and your employer Class 1 national insurance liabilities were less than £100,000 in the previous tax year.
That’s a new tax cut that’s worth up to £1,000 for nearly half a million SMEs!
2:Get a discount of up to £5,000 on software, with Help to Grow: Digital
Help to Grow: Digital is a UK wide Government backed scheme that aims to help businesses choose, buy and adopt digital technologies that will help to grow their business.
Eligible businesses can receive a 50% discount on buying new software worth up to £5,000 per SME, alongside free, impartial advice and guidance about what digital technology is best suited to boost their business performance.
3: Get up to half off your business rates
From April this year, small retail, hospitality and leisure businesses can benefit from 50% off their business rates bills. The business rates multiplier has also been frozen.
4: Invest in your business with Super-deduction and Annual Investment Allowance
To spur business investment, the super-deduction allows companies to cut their tax bill by 25 pence per every £1 they invest in any qualifying machinery and equipment. This can include the purchase of computers, most commercial vehicles and office furniture. This allows businesses to spend up to £1 million on qualifying business equipment , and deduct in-year its full cost before they calculate their taxable profits.
5: Benefit from the cut in fuel duty
The government has cut fuel duty on petrol and diesel by 5 pence per litre for 12 months – effective from 23 March 2022.
This cut, plus the freeze in fuel duty in 2022-2023 , represents a £5 billion saving worth around:
- £200 for the average van driver
- £1,500 for the average haulier
Information on behalf of HMRC – for more information visit Gov.uk or Call us for a no obligation Consultation.