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In these challenging times, it’s tough for SMEs. So, we welcome new government support. There’s a discount of up to £5,000 on software. Plus, you can access top notch expertise to grow your business. Access both through Help to Grow. 

 

Help to Grow financial support for SMEs 

A UK-wide initiative, Help to Grow: Digital focusses on technology. It’s all about helping businesses to harness the benefits. What’s available is free, impartial online support. Simply answer a few questions. It only takes a couple of minutes. In return, you’ll get advice about choosing, buying and adopting digital technologies. Tailored to your needs, the support will highlight those technologies best suited to your operation. Critically, you’ll appreciate how technology can boost business performance.  

 

Discount 

Also, there’s a bonus for eligible businesses. Qualify and you can obtain a discount of up to 50% towards approved software. It’s worth up to £5,000.  

 

Help to Grow: Management 

Meanwhile, the management course provides access to world-class business expertise. It covers everything. From leadership and financial management to marketing and digital adoption. Leading UK business schools deliver the 12-week course. Naturally, it’s designed to fit around work commitments. You also get one-to-one support from a business mentor.  

 

Business growth plan 

Certainly, the course offers a great deal. You’ll learn from your peers and network with similar businesses. Ultimately, you’ll come away with a tailored business growth plan. It’s an opportunity to develop your leadership skills. In turn, this will kick-start strategies to improve operational efficiency. You’ll understand what drives productivity and growth in your market. And, most importantly, what it means for your business.  

 

Government funding 

Another Help to Grow financial support for SMEs plus point? The management course is 90% funded by the government. Consequently, participating SMEs pay just £750.  

 

Eligibility 

As you’d expect, eligibility criteria apply. To join the management course you must be UK-based. Your workforce will number between 5 and 249 employees. Of course, you will be actively trading and have been doing so for at least 12 months. 

 

Additional support 

Remember, there’s a variety of support on offer for SMEs. Always capitalise on investment allowances. Understand your position regarding business rates. Keep up with developments, too. For instance, claim up to £5,000 with the Employment Allowance. Effectively, it’s a tax cut of up to £1,000.  

 

Business investment 

Looking to invest in your business? Make the most of Super-deduction and the Annual Investment Allowance. Super-deduction allows firms to cut their tax bill. You save 25p for every £1 spent on qualifying machinery and equipment. This includes computers, most commercial vehicles and office furniture.  

 

Annual Investment Allowance 

Don’t forget, there’s an extension to the temporary £1 million limit for the Annual Investment Allowance. It applies until the end of March‌‌‌ 2023. First, spend up to £1 million on qualifying equipment. Then, deduct in-year its full cost before calculating taxable profits. 

  

Business rates 

As a fundamental, clarify the situation regarding business rates. Small firms in retail, hospitality, and leisure can get a discount. It could mean a reduction in bills of 50%. Also, the business rates multiplier is frozen for another 12 months. Businesses will save £4.6 billion over the next five years. Finally, no business rates are due on a range of green technology. Again, this represents an important saving – around £200 million over the next five years. 

 

More information 

Check out Help to Grow financial support for SMEs. To find out about other initiatives, search ‘business support’ on GOV‌‌‌.UK.