Transformation Grant Funding

What is the UCAdvisor Transformation Fund?

A freely available grant for organisations looking to reduce the costs of digital transformation projects. The fund is automatically made available by engaging UCAdvisor alongside any of our listed technology partners.

Even if you are already in discussion with vendors, UCAdvisor can still be attached retrospectively to provide organisations access to our funding.

The transformation fund is provided freely with no obligation for you to provide anything in return.

What to expect

We have made the process of applying and receiving the transformation fund quick and easy. Once you have chosen your preferred supplier/s UCAdvisor will inform you of how much funding is available for each of the qualifying vendors prior to any contract signature.

Upon selection and signature with the winning vendor UCAdvisor will send across our funding application document. This document outlines the exact amount of funding to be received, along with options on how you would like to receive the payment, including charitable donations.

Once signed and returned, you will receive the full transformation fund within 60 days of the initial vendor contract signature via BACS transfer to the nominated bank account.

Stages of receiving funding

01.

Contract with preferred supplier

02.

Complete Transformation Fund application document

03.

Receive full transformation fund in full within 60 days via BACS transfer

Accounting for grant income

The UCAdvisor Transformation Fund functions exactly as a grant payment and as such is accounted for in the same way.  If you’re planning to use the transformation fund for expenditure that would normally be recorded in your profit and loss account, then it will simply be recorded as income.

If you are planning on using the funding for specific expenditure in the future, then the payment can also be deferred and released to the profit and loss account at the relevant time. This also applies if the funding is to be spent on any equipment or other fixed assets, the funding is deferred and released to the profit and loss account to match with the depreciation of the grant purchased asset.

Corporation tax and income tax

As grants in the UK are treated as taxable income, it means that the UCAdvisor transformation fund will be treated in exactly the same way. If you plan to use the funding for expenditure that appears in your profit and loss account and can defer the income (as above) then there will be no tax liability on the income as it is matched with its intended expenditure. This means both income and expenditure will cancel each other out and therefore not affect your profit or tax figures.

If the funding is spent on equipment, then the funding is not taxable but there is no capital allowance available on the equipment expenditure.

VAT on grant income

Grant income sits outside the scope of VAT, therefore no VAT is payable when you receive the funding, however you are still able to reclaim VAT from any asset paid for via the transformation fund, providing it lies within the ‘normal’ VAT rules.

Funding FAQs

How much funding can we receive?

There is no upper limit of funding that you can receive, the exact funding amount available is tied directly to the contract signed with your chosen vendor. However, we will make you aware of exact amounts available prior to any final signature.

How can the fund be spent?

The transformation fund has no limiting factors or requirements on how it can be spent. Organisations have used it for everything from professional services, early exit fees to tech funds and charitable donations.

Where does the transformation fund come from?

The transformation fund comes directly from the commissions and/or bonuses UCAdvisor receives from the suppliers themselves. As part of the UK referral channel network we have created a process that allows us to bundle and pass through received commissions back to our users in the form of the transformation fund.

How do you make your money?

We retain a small residual payment from the winning supplier on contract signature. The amount varies depending on the contract signed with your chosen vendor.

Contact Us Today

We realise that there’s a lot to take in and consider regarding our process, so be sure to reach out if you have any further questions. Our staff are always willing to discuss our work at length, so call us now on +44 (0)20 3965 0341 or email info@ucadvisor.com, if you’d like to learn more.

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+44 (0)1904 405770

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