Launching and growing any business can be very challenging, especially during these times.
It’s natural for entrepreneurs to seek all the assistance they can to increase the probability of success.
However, many entrepreneurs searching for support find all of the information overwhelming and end up confused as to where to start.
This article is intended to point founders and potential funders towards essential government resources available for locals and foreigners.
1. Local Help for Startups
The United Kingdom takes supporting local business seriously. Thus it has established a sophisticated network of local “Growth Hubs.”
The United Kingdom is home to 38 Growth Hubs and Local Enterprise Partnerships (LEPs). Individuals looking for business support can gain access to LEPs and additional programmes via local Growth Hubs.
A few examples of organizations partnered up with Growth Hubs include but are not limited to business schools, universities, the Federation of Small Businesses, Enterprise Zones, and various banks.
2. Tax Relief Programmes
The United Kingdom provides support for local tech startups through many tax relief programmes geared towards the reduction of tax liabilities. Some of these tax reduction programmes are listed below.
- Annual investment allowance
- Capital allowance
- Seed Enterprise Investment Scheme (SEIS)
- R&D tax credits
- Patent box
- Entrepreneur’s relief
- Employment allowance
- Creative industry tax reliefs.
Being that most readers have little to no idea about the details involved in properly qualifying for such governmental programmes, one should hire a professional accountant such as Metric Accountants.
A fintech startup itself, an accounting firm such as this specialize in handling key tax breaks targeting technology and high-growth companies. Further, firms such as this usually have a significant network of contact who can assist as well.
Think about possibilities to network with government officials about fresh information related to support of your company.
3. The GOV.UK Website
The United Kingdom’s Government Digital Service created the gov.uk site, a “single point of access” to various government-related information and services.
The site also includes neat interactive tools, such as the Business Finance & Support Finder. The tool allows one to search for information by sector, location, business stage, activity, and size.
But the best part is being able to explore the government’s database for support and financing. Some of the other information that can be found in its “Business and self-employed” section includes:
- Finance, loan, and grant options
- Business mentoring and consulting
- Funding for startups
Other vital information that the site provides includes:
- Self-employment information
- Money and tax information
- Information about employing people
4. National Business Support Helpline
The United Kingdom’s Business Support Helpline is a crucial part of the government’s effort to give local startups as much support and provisions as possible.
The helpline provides advice on writing a business plan, regional help with exporting, business improvement guidance, diagnostic support, help with tax, and signposting to established businesses and startups alike.
The hotline also provides information guidance, national information, and signposting to local support avenues, all of which are vital to local startups.
Entrepreneurs and business people can access a “call-back” service which in-depth support for startups, especially for those with a more immediate or complex set of needs or may be at risk.
Such calls are run through a small team of experienced Startup Support Advisors that can offer up to an hour of free business support by telephone. This support is specially tailored to each individual and startup’s needs.
Startups are advised to call 0300 456 3565, where they will get in touch with a certified businesses support advisor between 9.00am and 6.00pm Monday through Friday.
