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Four ways small and medium sized businesses can get financial support

Four ways small and medium sized businesses can get financial support

Michelle Watson

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Our latest OMB survey found that nine out of ten business owners are worried about business costs. Here are four ways small and medium sized businesses can get financial support:


1. Claim up to £5,000 with the Employment Allowance
Employment Allowance is a tax relief which allows eligible businesses to reduce their National Insurance contributions (NIC) bills each year. You can claim this if you're a business and your employer Class 1 National Insurance liabilities were less than £100,000 in the previous tax year. 
 

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2. Get a discount of up to £5,000 on software, with Help to Grow
Help to Grow: Digital is a UK-wide government-backed scheme that helps you choose, buy and adopt digital technologies that will help grow your business. As part of the scheme, eligible businesses can receive a 50% discount on new software worth up to £5,000 including accounting software* such as Sage and QuickBooks, CRM systems and ecommerce solutions. Free advice and guidance about which digital technology is best suited to your business is also available. 

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Help to Grow: Management scheme provides small businesses with access to business expertise on everything from leadership and financial management to marketing and digital adoption. The scheme is 90% funded by the government. 

To be eligible, you must be a UK-based SME, actively trading for at least one year and have a total of between 5 and 249 employees. 

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3. Get up to half off your business rates
Small retail and hospitality and leisure businesses can benefit from 50% off their business rates bills. 

A range of green technologies, including solar panels and batteries are exempt from business rates. Eligible heat networks will also receive 100% relief. 

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4. Super-deduction and Annual Investment Allowance savings
The super-deduction allows businesses to cut their tax bill by 25 pence for every £1 they invest in qualifying machinery and equipment. This can include the purchase of qualifying assets such as computers, commercial vehicles and office equipment. 

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The temporary £1 million limit for the Annual Investment Allowance has also been extended to the end of March 2023. The Annual Investment Allowance allows businesses to spend up to £1million on qualifying business equipment and deduct the full cost before you calculate taxable profits. 

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Both of these tax breaks will remain in place until end of March 2023. 

More information about these and other support is available on Gov.uk

If you have any questions please contact your usual Moore advisor

*The discount only applies to products purchased directly via the scheme.