Help to Grow: Digital is a new UK-wide initiative aimed at assisting small and medium-sized enterprises (SMEs) in adopting digital technologies that have been shown to boost productivity.
What does the scheme offer?
The program will provide SMEs with free, impartial advice on how technology may benefit their organization. They will be aided by an online platform in the following ways:
In addition, the scheme would provide qualified SMEs with a £5,000 grant token to pay up to half of the costs of pre-approved digital technology solutions.
When does the scheme start?
The Help to Grow: Digital program will begin in the Autumn (Wednesday, 22 September 2021). It will last three years and will be phased in over several waves. For SMEs and vendors, each wave will provide the opportunity to roll out new technologies and functionalities.
Which SMEs will be eligible for this scheme?
The following are the requirements for SMEs to be eligible for the grant token:
When will you be able to claim?
For wave 1, eligible SMEs will be able to claim a grant token for just one technology product.
Wave 1: How Will It Work?
There are three sorts of technologies in what is known as 'Wave 1':
A new web platform will be used to deliver the new service.
Businesses who meet the criteria can utilize coupons to save up to 50% on technology packages, in order to encourage them to adopt the latest software.
Initially, the discount vouchers are expected to be offered for software that helps firms create customer relationships and enhance sales, as well as boost online sales and manage accounts and finances.
Making Tax Digital, the HMRC's online portal and tax management system will be compatible with the accounting software.
If your firm employs five to 249 employees and is registered with Companies House, you'll be eligible for vouchers. Your company must also have been in operation for at least a year and be purchasing the discounted software for the first time.
Aside from the financial packages, all firms should be able to access free online assistance through the site. For detailed inquiries, contact your local Accountants in London.
How does it differ from Help to Grow Management?
The government's £520 million Help to Grow scheme includes both Help to Grow Digital and Help to Grow Management.
Both are geared at teaching you and your staff new skills that will help your firm generate sales and profitability. While the initiative's name implies that it is focused on technology and digital skills, Help to Grow Management has a broader scope.
It's an executive development program that's been accredited by the Small Business Charter and provides you with one-on-one business mentoring.
How to apply for Help to Grow Digital?
It is quite simple and quick to apply for the Help to Grow Digital scheme. Simply go to the Help to Grow portal.
To begin, you'll need your Companies House registration number. This information can be found on your certificate of incorporation or by searching the Companies House database.
You will receive an email confirmation once you have registered. Simply click the link in the email to receive more information as soon as possible.
Local Accountant companies can help you go through the process. You can contact us as your reliable Small Business Accountants in London.
The pandemic has accelerated a number of developments, the most notable of which is the rising usage of digital technologies. Meanwhile, cloud computing continues to lower costs while increasing flexibility and agility in this industry.
With the certainty that its curriculum and validity are guaranteed by the government, Help to Grow Digital allows SMEs to go forward in this new digital world swiftly and affordably.
It will take a small amount of time and money to get started, but the payoff might be substantial.
Remember, even if you don't sign up for it, your competitors are very certain to do so.
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