Government grants to cover accountancy services for small firms
The new £20 million grant, confirmed in July, will give small businesses immediate cash grants of between £1,000 and £5,000 to cover the cost of essential services during the post-lockdown recovery.
The funds will not only cover routine accountancy support it will pay for legal, HR and IT assistance too.
The grants are underpinned by the England European Regional Development Fund and can also be used to pay for the installation of new technologies to improve the agility of small firms, enabling them to diversify and thrive in the post-COVID-19 economy.
Business owners must apply for these grants via the local growth hubs in their respective Local Enterprise Partnership (LEP) regions. Each LEP has at least £250,000 to invest in small businesses, with its growth hubs situated in all four corners of the country, supported by the Federation for Small Businesses (FSB) and regional Chambers of Commerce.
Simon Clarke MP, Minister for Regional Growth and Local Government, said: “Small and medium-sized businesses are the beating heart of communities; they provide employment and contribute significantly to local economies and we are determined to give them the support they need to continue to thrive.”
All grants must be awarded by 28th February 2021 and all relevant activity must be completed by 31st March 2021.
As these grants will be distributed by LEPs, please click here to identify your LEP and contact them directly to find out more about when they will become available and whether you are eligible for a grant.
If you’ve received a grant from your LEP and you need professional guidance and support with a range of tax and accounting issues facing your business, our nationwide network of accountants is here for you.
Our friendly and experienced team offers free initial consultations on a broad spectrum of accountancy services, spanning VAT and bookkeeping through to self-assessment and Making Tax Digital.
To arrange a meeting, please don’t hesitate to call us today on 0131 445 3330 or drop us a line using our online enquiry form.
Last updated: 20th March 2024