Help to Grow: Digital is a UK-wide scheme to help small and medium sized businesses (SMEs) adopt digital technologies.
As businesses get back to some form of normality, Help to Grow: Digital is one of a number of government initiatives, along with the Help to Grow: Management Course, aimed at enabling SMEs to take more advantage of digital technology.
Started in January 2022, the scheme means eligible small businesses and entrepreneurs can access funding worth up to £5,000 per business to pay for digital accounting and customer relations management (CRM) software.
Under the Help to Grow: Digital scheme, businesses can now receive discounts of up to £5,000 off the retail price of approved digital accounting and CRM software from leading technology suppliers. The funding is capped at 50% of the total cost of the investment and is open to businesses with 249 employees or less.
Currently three accounting software providers are signed up to the scheme – Sage, Intuit and E-crunch. In the future, there will be more software products available with the next phase of the programme will see the scheme extended to e-commerce software.
Chancellor Rishi Sunak commented on the new scheme:
‘Small and medium sized businesses are the backbone of our economy, creating jobs and prosperity across the UK. When I announced this at Budget I said we wanted to help businesses become more innovative, more competitive and more profitable and I am excited this programme allows them do that.
‘Help to Grow: Digital will help them to grow and flourish by adopting new technologies that are proven to improve processes and boost productivity, levelling up their digital technology and skills.’
Is my business eligible for the scheme?
Not all SMEs will be eligible for the offer. There’s a series of criteria you need to meet for your business can apply to access the financial discount:
- The business must be based in the UK (it can be from any business sector)
- It needs to be registered with Companies House, or a registered society that’s on the Financial Conduct Authorities Mutuals Register
- You need to employ between five and 249 people
- Your business needs to have been trading for more than 12 months, with an incorporation date of at least 365 days prior to your application
- You’re buying the approved software for the first time.
How it differs from the Help to Grow: Management Course?
The new Help to Grow: Digital scheme sits alongside the Help to Grow: Management scheme launched in 2021, which provides 12 weeks of free management training for SMEs at leading business schools. The programme is 90% funded by the government so businesses only pay £750 for the training.
The Help to Grow: Management Course is provided through business schools around the country, and you can book your space with one near you via the Small Business Charter website.
When does the Help to Grow: Digital scheme open?
The new service opened for applications on 20 January 2022.
How to apply for a Help to Grow: Digital financial discount
Firstly, check your business is eligible by following the guide above. Next, decide on your chosen software before you start your application.
To support your application, you’ll need the following:
- Your business’s Companies House or Financial Conduct Authorities Mutuals Register number
- Your name, role in the business and work email address
- The number of employees working at your business
How can accountants help with Making Tax Digital?
From helping you choose the right cloud accounting software for the job to answering any of your tax-related questions, or helping you prepare your tax returns, accountants are best placed to help you and your business succeed with Making Tax Digital.
Here at TBL Accountants, our team of experts are trained to ensure your accounts are fully compliant and we are committed to helping local businesses migrate to MTD as easily as possible.
Here to help your business
TBL Accountants are your local accountancy firm operating in Southend and across Essex. We specialise in a variety of services as personal, business, and charity accountants. Want to find out more? Get in touch with our team today.
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