Getting more from what you’ve already got!

Simon Bulteel - Director - Cooden Tax Consulting

I worked with Martin back in 2016 just before Growth Accelerator died, we had a couple of very useful sessions that allowed me to focus on my business in ways that I hadn’t considered before then.

I was a one-man-band then and I was looking for some guidance on the type of person that would make my ideal first employee, after just a very short time with Martin, it was very obvious.

I am now just about to scale up further with three new members of staff joining the team. Martin has asked me to focus on the RE-INVEST element of the Business Jet Engine model.

Re-investment can come in so many different forms; Capital Equipment, Training, Recruitment, Scaling-Up - but what if you can re-invest more than you thought you had, even more than your accounting profits indicated!

One of the best ways to get more out of what you’ve already got is by taking advantage of government support that exists to help Small and Medium Sized Businesses to grow, this could come in the form of:

• Grant Funding – the original Growth Accelerator has now been replaced by business advice through a regional Growth Hub and the Business Navigators that exist within these Hubs or for relocation or staff training, or from Innovate if you have a project that is seeking to advance Science or Technology.
• Cashflow Funding - there are schemes to help with funding small businesses through competitively priced loans for Start-ups or Growing businesses.
• Tax Policy - sometimes there is more direct intervention such as the Employer Allowance reducing the National Insurance costs of employing staff or, an area I specialise in, Research and Development Tax Relief, often referred to as R&D Tax Credits. 

All of these areas will allow you to re-invest more than you thought you had available, therefore allowing you to grow and improve at perhaps a faster speed than you might already have thought.

However, if you don’t make yourself aware of these areas, there aren’t too many people that will come to you and say “Oi, why aren’t you doing this?”. Actually that’s not quite true because the lenders will, because there is profit, albeit a small bit, in lending you money to help your business grow, if you are business owner like me, you probably can’t escape Funding Circle on Facebook. 

In a later blog I might tell you a little more about R&D Tax Relief and how you can access it, if you can’t wait go to www.coodentaxconsulting.co.uk.

Simon Bulteel - Director - Cooden Tax Consulting

Cooden Tax Consulting is a niche tax consultancy specialising in Research and Development Tax Relief. They work directly with small businesses, or through their accountants and other business advisors to help them to access the most generous tax relief currently being offered by Government.

Contact Simon [email protected] | 01424 225345

If you're in London on 16th/17th Nov, Simon will be exhibiting and speaking at The Business Show 2017: Olympia London - he'll be on stand 260 talking to SMEs about tax relief for R&D. Tickets are still available here.