Originally written by Timothy Adler on Small Business
UPDATED: Chancellor Rishi Sunak has announced a Self-Employed Income Support Scheme to help Britain’s 5m self-employed get through the coronavirus pandemic.
The Self-Employed Income Support Scheme will offer a taxable grant of up to 80 per cent of a self-employed person’s income based on their taxable profits over the past three years, capped at £2,500 per month.
The scheme will only become available at the beginning of June and will have an initial three-month lifespan, to be reviewed.
And the Self-Employed Income Support Scheme will only cover those who paid tax on trading profits of up to £50,000 of income in 2018-19.
HMRC will pay the single lump sum direct into people’s bank accounts.
Individuals should not contact HMRC now. HMRC will use existing information to check potential eligibility and invite applications once the scheme is operational.
Sunak claimed the Self-Employed Income Support Scheme, which will cover up to 95 per cent of people who receive the majority of their income from self-employment, was unparalleled in almost any other country.
Sunak said: “We know that people are worried about their jobs and income … many self-employed people are worried about the lack of support for them.
“This last 100 days have
Tag Archive for Government Grants
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How to get the government’s £10,000 cash grant for small businesses
by Anna Jordan • • 0 Comments
Originally written by Anna Jordan on Small Business
How do I get the government £10,000 coronavirus cash grant?
Last night (17 March), the chancellor announced an increase in the small business coronavirus cash grant, taking it from £3,000 to £10,000.
This is part of a £330bn package of support for businesses, equivalent to 15 per cent of GDP.
Read more about the update at What does the latest Treasury stimulus mean for small business?
>See also: How do I apply for a Coronavirus Business Interruption Loan?
Eligibility is still based around rate relief. Those who qualify for Small Business Rate Relief (SBBR) or Rural Rate Relief will be able to get the funding.
The Department for Business, Energy & Industrial Strategy will be working with local authorities to outline the scheme and encourage local authorities to prepare.
However, once up-and-running, your local authority will contact you rather than having to apply yourself. Grant money will not be available until early April, as stated on the government website.
This additional funding for local authorities who collect business rates is part of a package of fiscal measures to help small business survive the coronavirus pandemic.
The coronavirus grant only applies to small business in England. Business rates in Scotland, Wales and Northern Ireland are set by
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150 UK small business grants to apply for right now
by Anna Jordan • • 0 Comments
Originally written by Anna Jordan on Small Business
Securing grants for your small business or start-up is a constant challenge – but there is help available. Here, we have rounded up a comprehensive list of grants from all over the UK, broken down by region.
These funds are available to SME businesses either within a specified local authority, defined as having fewer than 250 employees or with a turnover of less than £45,000 and a balance sheet totalling less than £39,000.
You will see that many of the funding opportunities are often based on a specific location or sector, or ring-fenced for a certain part of a business, like job creation or making eco-friendly changes. But we explain each grant with the information needed to see if it can apply to your project.
The European Regional Development Fund (ERDF) in the event of a no-deal Brexit
Many of the grants mentioned below are financed by the European Regional Development Fund (ERDF).
In 2016 the Chancellor announced that the Government would guarantee certain EU projects that are agreed before we leave the European Union. It covers all ERDF projects. In July 2018 the Government extended the guarantee so that it covers all projects that would’ve been funded
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UK businesses to receive £125m cash boost from Government
by Anna Jordan • • 0 Comments
Originally written by Anna Jordan on Small Business
Innovate UK has announced that it’ll be giving an extra £125m to businesses across the country.
The cash will be split in two – £100m of the money will be available as part of the Government’s Smart grants programme with the remaining £25m going to late-stage research and development projects.
Smart grants supplies funding for innovative R&D from early stage feasibility (that includes market research), through to technology or prototype testing and development stages up to (but not including) commercialisation.
Previous grantees include a 3D printing company; a machine learning company which was sold to Twitter; and a company who developed a prototype for screening liquids to identify explosives at airports.
The cash boost comes in addition to a new £3m investment accelerator scheme, the Regional Angel Investment Accelerator Pilots. This hopes to encourage business angels from across the country to channel investment and expertise into innovative small and medium-sized companies.
These companies will also receive Government grants to deliver innovation projects with the potential for longer-term angel involvement and future commercial success.
How do I apply Smart grants?
The Smart grants scheme will have a rolling schedule of competitions throughout the year – the latest round of applications is
Hot Business News Today
UK businesses to receive £125 million cash boost from the government
by Anna Jordan • • 0 Comments
Originally written by Anna Jordan on Small Business
Innovate UK has announced that it’ll be giving an extra £125 million to businesses across the country.
The cash will be split in two – £100 million of the money will be available as part of the government’s Smart grants programme with the remaining £25 million going to late-stage research and development projects.
Smart grants supplies funding for innovative R&D from early stage feasibility (that includes market research), through to technology or prototype testing and development stages up to (but not including) commercialisation.
Previous grantees include a 3D printing company; a machine learning company which was sold to Twitter; and a company who developed a prototype for screening liquids to identify explosives at airports.
The cash boost comes in addition to a new £3 million investment accelerator scheme, the Regional Angel Investment Accelerator Pilots. This hopes to encourage business angels from across the country to channel investment and expertise into innovative small and medium-sized companies.
These companies will also receive government grants to deliver innovation projects with the potential for longer-term angel involvement and future commercial success.
How do I apply Smart grants?
The Smart grants scheme will have a rolling schedule of competitions throughout the year – the latest
Hot Business News Today
HMRC extends deadline for £8m of funding for customs training
by Stephanie Spicer • • 0 Comments
HM Revenue and Customs (HMRC) announced that the deadline for applications for an £8m government initiative to help businesses prepare for EU Exit including customs training has been extended to 31 May 2019. It says this will enable more businesses to benefit from the investment available and provide more time for applications. So far there
The post HMRC extends deadline for £8m of funding for customs training appeared first on Small Business.
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Small Business Grants: October competition now open!
by Ben Lobel • • 0 Comments
The Small Business Grants competition is now open for October! The winner of the Small Business Grants competition for August is Purely Disposables, a Gwent-based eco-friendly packaging business. The company is focused on replacing single use plastic by supplying products that are 100 per cent compostable and made from plant waste generated by the food industry. Starting
The post Small Business Grants: October competition now open! appeared first on Small Business.
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How businesses can access government assistance
by Ben Lobel • • 0 Comments
You can’t do it on your own. All businesses, large and small, will need assistance at some point, in many different ways. When you’re a small business looking to make that step change and expand, there is help out there. That said, nobody will come knocking on your door to tell you. It’s your responsibility
The post How businesses can access government assistance appeared first on Small Business.
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Introducing Small Business Grants: £5,000 up for grabs every month!
by Ben Lobel • • 0 Comments
Here at SmallBusiness.co.uk, we are excited to announce the launch of Small Business Grants, our new, free-to-enter competition awarding a £5,000 grant to a leading small business every month. Applying for this exciting new initiative is easy. If you run a small business that was incorporated at least one year ago, are actively trading, and your
The post Introducing Small Business Grants: £5,000 up for grabs every month! appeared first on Small Business.
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Getting a grant from the China-Britain Business Council
by Ben Lobel • • 0 Comments
Here, Robert Boyce, director and co-founder of IceRobotics, a developer and provider of data collection and analysis products for monitoring dairy cow behaviour, discusses how his company got hold of a £5,000 grant from the China-Britain Business Council. What’s your company’s background? Over the past decade, IceRobotics’ technologies have supported animal behaviour research at many
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