Help to Grow Scheme to assist SMEs launched
Help to Grow is a new programme announced by the Government. The aim is to assist small and medium businesses in the UK with new skills to reach more customers and boost profits.
There are two elements to the scheme – Help to Grow: Management and Help to Grow: Digital.
Help to Grow: Management providing an executive development programme aiming to increase business performance and growth potential.
Help to Grow: Digital will provide free online advice and money-off software aiming to save businesses time and cut costs. Help to Grow: Digital could potentially benefit businesses that still need to adapt to Making Tax Digital (MTD).
Help to Grow: Management
Beginning June 2021, this imitative will provide small businesses with access to a 12-week programme, accredited by the Small Business Charter and delivered through business schools across the UK. The programme includes 1:1 business mentor support and alumni network and per-learning sessions.
The aim of the project is to support business leaders in developing strategic skills. Topics will cover digital adoption, financial management and innovation. The aim is for participants to develop a tailored business growth plan.
90% subsidised by the Government, the cost to participants is £750. 30,000 places will become available over three years.
Help to Grow: Management eligibility
To be eligible, you must be a UK business and have been operating for more than 1 year. Businesses with between 5 and 249 employees are eligible, from any sector. Participant in the scheme should be a decision-maker or member of the senior management team from the business. Charities, however, will not be eligible.
Help to Grow: Digital and Making Tax Digital
With many businesses preparing and requiring digital integration as part of Making Tax Digital (MTD) for corporation tax and income Self Assessment this year, Help to Grow: Digital could be a useful tool.
Starting Autumn 2021, the scheme will provide free impartial advice on how businesses can boost their technology performance utilising a new online platform.
Businesses participating in the scheme will also be eligible for a discount of up to 50% on the costs of approved software which is worth up to £5,000. These vouchers are initially expected to be provided for software that allows businesses to build relationships with customers and increase sales, utilise selling online and manage accounts and finances digitally.
Help to Grow: Digital eligibility
All businesses can benefit from free online advice regarding the platform and the voucher is available to UK businesses that meet all of the following eligibility:
- Those that employ between 5 and 249 and are registered at Companies House
- Businesses that have been trading for more than 12 months
- Businesses that are purchasing the discounted software for the first time
Further details are to be published in summer 2021.
Any business wishing to find out more and express their interest in either scheme can register at Help to Grow on the gov.uk website.
Making Tax Digital
Further information on the requirements for Making Tax Digital in 2021 and beyond can be found here.
As Xero Certified Advisors and Gold Partners, our Making Tax Digital Accountants are well-equipped to help you transition to Making Tax Digital. We can help you get to grips with all aspects of filing digitally, from understanding the new regulations to implementing MTD-approved software.