Small firms not aware of Government support

Lack of awareness and comprehension of Government funding schemes and tax incentives is slowing small business growth, according to a survey by Baker Tilly. The survey discovered that just 19% of small and medium-sized companies were aware of Venture Capital Trusts, 15% knew of research and development (R&D) tax credits, 4% knew about Patent Box, and 8% had heard of the Seed Enterprise Investment Scheme (SEIS). Just over half knew about capital allowances and, although 32% were aware of the Enterprise Investment Scheme (EIS), only 15% had made use of it in the past. George Bull, Senior Tax Partner at Baker Tilly, stated: “There are frequent calls for the Government to provide more tax incentives for businesses. Our survey shows that businesses are not sufficiently aware of the reliefs which are already available.”
There is more about the survey at:
http://www.bakertilly.co.uk/publications/Pages/Your-Outlook-for-2014.aspx

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