WellTax Blog

UK and economic recovery: £5,000 funding for those who digitise their businesses

January 25, 2022

The UK government has just launched a series of grants of up to £5,000 to boost the digitisation of small and medium-sized enterprises. The discount will enable more and more businesses to speed up the process of digitising their accounting and management systems.

Through the “Help to Grow: Digital scheme”, businesses with certain requirements can now receive discounts of up to £5,000 from leading software suppliers on the purchase price of approved accounting software and management CRMs. The funding is limited to 50 per cent of the total investment cost and is targeted at businesses with 249 employees or less.

Currently, three of the largest accounting software vendors are enrolled in the program: Sage, Intuit and E-crunch. All businesses can access the free service and guidance on how to digitise their business.

However, all four eligibility criteria must be met:

– Be a business registered with the relevant Companies House (England, Wales, Scotland or Northern Ireland) and headquartered in the UK.

– Must have been trading for at least 12 months before applying for funding.

– Between 5 and 249 employees.

– Must purchase the accounting and/or management software for the first time.

Businesses will receive a discount on the purchase of government-approved software up to a maximum of £5,000 and the discount will cover the first 12 months. The measure aims to help small and medium-sized businesses become more innovative, competitive and profitable, and the “Help to Grow: Digital scheme” will enable them to improve processes and increase productivity by levelling out their digitalisation and skills.

“Small businesses are often eager to embrace new technology but we know that one in four lacks confidence in their digital skills,” said Mike Cherry, national chairman of the Federation of Small Businesses, who continued, “for those businesses covered by the scheme, providing the means to make improvements through projects like this will make a real difference helping them to get bigger and grow. The funding application can be made by following this link Help to Grow: Digital – About (learn-to-grow-your-business.service.gov.uk).

Domenico Santomasi

Photo by Mohammad Rahmani on Unsplash

Related articles

22 May, 2024

Business Expansion: Tax and Other Implications for UK Businesses wishing to have a global presence.

05 April, 2024

The abolition of the non-dom status – what’s next?

Search something