TaxAssist Accountants demystifies new business support package

Alice Tuffery, writer

Published at 24/04/2020, Updated on 07/10/2020 , Reading time: 1 min

TaxAssist Accountants released a helpful guide to the government’s latest business support package.

In the handy publication, TaxAssist Accountants described the new £1.25 billion scheme aimed at innovative businesses. The programme was announced by Chancellor Rishi Sunak as a means of supporting organisations involved in the creation of new products and services as we navigate the COVID-19 crisis.

The bookkeeping and accounting franchise explained the two main parts of the package. The first, labelled the Future Fund, will give £500 million in loans to businesses with high growth potential. The second focuses on research and development organisations. The government will give £750 million in loans and grants to small businesses working in “dynamic” industries. The chosen sectors include the life sciences and technology.

As TaxAssist explains, in launching these financial support schemes, the government recognises the importance of protecting small, innovative businesses. Thanks to its help, these firms will be able to continue developing valuable products and solutions amid the COVID-19 pandemic.

The franchise also shed light on Innovate UK, which will increase loan and grant payments for current customers who choose to opt into the scheme. For those who don’t, the organisation will give £550 million to small research and development companies. Each one will be eligible for up to £175,000 by mid-May.

TaxAssist Accountants’ Group Commercial Director, Daren Moore, said:

“These announcements provide an important boost for small businesses involved in technological development and innovation. The recovery of our economy after the lockdown will certainly be supported by research and development activity and we welcome these new measures. We will continue to raise awareness of the various sources of funding available to help support small businesses in these difficult times.”

To find out more about the other support packages put in place across the UK, head to TaxAssist Accountants’ website, where you’ll find a number of handy guides.