Read this blog article to get all your questions answered.
Uncertainty in business can lead to stagnation and an unwillingness to change or invest particularly when there’s nothing predictable on the horizon. In today’s situation that’s the one thing a business must avoid.
Some businesses have had problems keeping afloat during this difficult time, some are thriving by virtue of the service or products that are in demand and some are changing through absolute necessity.
The question is what does this second wave of the virus mean for business owners who have weathered the first storm and are in the vortex of a second?
There is no doubt that being smart with IT and the digital space is more important than ever and could be the key to surviving and thriving. For further information or to discuss any help you might like in implementing smarter solutions please do contact soVision IT on 0117 986 4026 or email email@example.com
For everyone else be aware there is help out there.
There are new business grants available through LEPs (Local Enterprise Partnerships) across the UK. Many are accepting applications from SMEs right now.
The Government has provided £20 million new funding, to help small businesses recover from the effects of the pandemic.
Small to medium-sized businesses in England can access grants between £1000 and £5,000 for new equipment and technology, and access specialist, professional advice in the areas of HR, legal, IT and digital and financial. We can help with the IT element of this.
This funding is aimed primarily at creating new jobs.
Funds are there to help:
This form of support has been around for some time yet is still little used by businesses large and small. There seems to be a fear factor or little understanding of how an individual business may be able to access these credits.
Put simply, if you are investing in smart technology to bring new income streams into your business, or other kind of projects to grow your business in a new way – it’s possible you may be able to apply for R&D Tax Credits. It’s not just linked to men or women in white lab coats looking through microscopes.
Broadly there are eight kinds of eligible costs for R & D Tax Credits relief:
This is a way of rewarding companies who are looking to future proof their businesses, be innovative and also be more effective digitally. For more detail which is bespoke to your business, it’s best to have a conversation with your accountant to discuss the possibilities.
If IT is part of your discussion – again soVision IT can help bring that idea into reality.
With the uncertainty of the present time, you are probably wondering how applying for a grant or tax credits can help your business.
Technology and IT are an important part of helping your business work smarter in the short, medium to long term.
If your technology is efficient, always up to date and does the precise job you require it to do, then your business has a much better chance of working cost effectively and efficiently day to day.
It allows businesses to operate with staff in the workplace or from home – or both. In other words it offers flexibility on a scale previously unknown.
During lockdown, your business may have ‘rubbed’ along with making your current IT cope - however long term that’s not efficient or cost effective. Now is the time to make your processes seamless so that you can keep on doing business whatever the future may hold.
Your business may need:
Talk to your accountant about your eligibility for any funding, and the tax implications, before applying.
Are you worried that your existing IT supplier may not have the expertise to advise you in making these investments? That’s a common fear which we’ve talked about before - read more here.
soVision IT can help with any of your technology and digital requirements, supporting you to make the most of your investments, and by talking to us, we will ensure you spend your money wisely for long term health and growth.