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We are actively working with our customers to help them take advantage of the Regional Growth Fund (RGF) which is a £3.2 billion fund set up by the government to assist small and medium-sized businesses. This money is used to fund up to 20% of the cost of a new item of capital. There are, like with all government funds, criteria that must be met such as:
- the business having less than 250 employees
- the business having a turnover less than £35m
- the equipment being used to safeguard or create jobs
Many clients are taking advantage of this to help subsidise new capital expenditure, freeing up other funds to help further develop their business in other areas.
This year sees the start of a change in the Annual Investment Allowance (AIA) which has been significantly reduced from £500,000 to £200,000 per year. Whilst some of our clients may have been well within the previous allowance, the new figure has forced more of our clients to plan carefully when looking to make sizeable purchases.