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
With regards to NBSL Funding for projects up to £3,500, this is open for new applications until the end of July. It is anticipated that a new fund will be announced late summer/early autumn. See http://www.transcendit.co.uk/blog/posts/funding-for-north-east-business-improvement-projects.
Investment for Growth funding (http://www.transcendit.co.uk/blog/posts/40-funding-still-available) has been extended to June 2015.
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/.
