What type of businesses are accepted for funding?
There is no restriction on the type of business, it can be any of the smallest business types such as a dog walkers, babysitters or childminders and tradespeople all the way up to SME’s (Small or Medium size Enterprise) with less than 249 employees and an annual turnover of no greater than £36 million*. If the business is a recognised structure below, it can be used.
What company structures are accepted for funding?
The normal UK recognised company legal structures are all accepted:
Limited Liability Partnership (LLP)
Limited Company (Ltd)
Alternative structures (social enterprises/non-profits) are also accepted which include:
Charitable incorporated organisation (CIO)
Community interest company (CIC)
Does the business or enterprise need to be active?
Yes, and this can be an actively trading/operating business or enterprise, as part of the application you will be asked to confirm your trading status.
Do I need to pay VAT on my voucher?
No you don’t, Broadway absorb the VAT element of the voucher so there’s nothing you need to pay (some old guidance on Government website suggests otherwise, but it’s out of date).
What information do I need to provide to request a voucher?
You will need to provide us with some basic information for us to request your voucher. You will also need to confirm this information when you receive the email from DCMS to validate your voucher request.
- Your Unique Tax Reference (UTR) number and the name/trading name that is associated with the UTR number as registered with HMRC.
- Your Unique Tax Reference (UTR) number and the partner names/trading name that is associated with the UTR number as registered with HMRC.
- Your registered charity number
- Your company registration number
- Your company name (the registered name – not trading name)
- Your VAT number
*Business Eligibility Criteria
In order to qualify for a business voucher you will be asked to self-certify that you are a Small or Medium size Enterprise (SME), as defined by sections 465 to 467 of the Companies Act 2006 which can be summarised as:
• Up to 249 employees and annual turnover no greater than £36 million; and/or
• An annual balance sheet total not exceeding £18 million.
You will be asked to provide evidence of your status as a SME or sole trader. You will also have to self-certify that the organisation will have received less than 325,000 Special Drawing Rights (SDRs) in public grants over any period of three fiscal years including the current year, including the voucher contribution. The Special Drawing Rights amount has replaced the €200,000 de minimis grant limit following the UK’s exit from the European Union on the 31st December 2020. The SDR to GBP exchange rate can be found here. Not-for-profit and charitable undertakings which qualify as SMEs are eligible in the same way that for-profit enterprises are.