Spring is freeing the best kept business secrets!
Hopefully, your business isn’t ready to be pushing up these daffodils (I know it’s daisies but give me some artistic licence here!) just yet, but not every business’ garden is blooming right now, and there’s probably still a squeeze to come as we get ready to start paying down our BBLS and CBILS.
Whilst the onset of spring has brought with it the triumphant sound of the vaccines charging down the hill into battle and the prospect of the chinking of glasses with loved ones, giving our private lives a boost, for most of us, our businesses still need a bit of positive news.
Rishi’s Budget may have already been announced by the time you read this but hopefully the talk of rises in corporation tax will be put on hold for now, whilst we are all still recovering!
There are however things that you can be doing to boost your cash, because cash will definitely be king for the few months and years, you could be topping up your BBLS to its maximum amount, if you’re at the maximum you could be investigating whether you could transfer it into a CBILS (I am certainly considering that), there are a myriad of other opportunities and if you aren’t in touch with your local Growth Hub, I suggest you reach out to them, they are one of the best kept secrets in business support.
There is one more thing you could also be doing which is another of those best kept secrets, if you’ve been developing a new product, process, material, device or developing a piece of software or you have been significantly improving an existing item, you could be eligible to claim for Research and Development Tax Credits. What is more, because you can claim retrospectively for the previous two years and it is currently taking HMRC 4 to 6 weeks to process and payout claims, you could have more cash in your bank come the summer.
Some of the businesses that often overlook their potential are: Engineers, Manufacturers, Food & Beverage companies, Processors, Packagers, even Software Developers overlook their potential. Even if your business isn’t included in this list, it won’t stop you from claiming if you have an eligible project. You just need to be a limited company and a going concern at the time of your claim being processed. We’ve even done a claim for Debt Collection business!