Name: Swindells Chartered Accountants
Address: Wilson House, 48 Brooklyn Road, Seaford, East Sussex, BN25 2DX
Price range: ££

Flexible AI upskilling fund pilot – open for applications

Melanie Richardson

07/06/2024

The flexible AI upskilling fund pilot scheme is designed to support SMEs in the professional and business services sector by match funding AI skills training for their employees. The Department for Science, Innovation and Technology recently announced a £7.4 million pilot scheme, which aims to subsidise the cost of AI skills training for small and medium sized enterprises in the professional business services sector.

Summary

Eligible businesses can apply for funding for up to 50% of the cost of AI skills training. This covers training which supports employees to develop their technical skills and/or understanding of AI to be able to develop, deploy, or use AI in their role.

Funding will be provided by DSIT in the financial year of April 2024 to March 2025. Successful applicants must be able to complete delivery of training and submit invoices for reimbursement via grant funding by February 2025.

How much is available?

Applicants can apply for a maximum amount of funding depending on the size of their business, set out in the table below. The aim of the scheme is to subsidise the cost of AI skills training up to a ratio of 1:1. For example, a small sized business can apply for up to £5,000 of grant funding to pay for 50% of AI skills training which costs £10,000. If the training cost £8,000, the applicant could only apply for £4,000 of grant funding.

Eligibility criteria

Applications will not be accepted from consortiums. Each application must be submitted by an applicant representing an individual business. Only one application per business.

To be eligible to apply, a business must meet all of the following criteria:

be registered and operate in the UK
be in existence for at least one year
employ between 1-249 employees in the UK
be defined as an SME per the BEIS SME action plan: 2022 to 2025
have been operating for at least 1 year at the time of application
operate in the professional and business services sector as defined by the following Standard Industrial Classification (SIC) codes. Where a business has multiple SIC codes, they are eligible as long as at least one of the SIC codes is included in the table below. This list is exhaustive

Action required

Applications should be submitted HERE by 23:59 on 18 August 2024

For more information on how the grants must be spent please see the link

https://www.gov.uk/government/publications/flexible-ai-upskilling-fund/flexible-ai-upskilling-fund-pilot-application-guidance

Key questions when it comes to inheritance tax

Inheritance tax (IHT) is a complex and often misunderstood aspect of tax law that can have significant implications for your estate. The new Labour government is likely to have plans to change the rules around inheritance tax and so we in this article, we look at the current rules.

Labour’s plans to impose VAT on independent schools

As a Labour government takes office, we look at Labour’s stated intention to apply VAT to independent school fees. This initiative is part of their pledge to “recruit 6,500 new teachers in key subjects to prepare children for life, work and the future, paid for by ending tax breaks for independent schools.” They estimate the policy will raise around £1.6 billion, which is “urgently needed to improve the state school system” used by about 93% of students in the country.

Cash flow management: strategies to keep your business healthy all year round

Managing cash flow is crucial for the success and sustainability of any business, whether you’re a small start up or an established company. Proper cash flow management ensures that your business can cover its expenses, invest in growth opportunities and weather financial uncertainties. Here are some strategies to keep your business’ cash flow healthy all […]