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SMART Funding - what is it and which companies use it?

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  • SMART Funding - what is it and which companies use it?

    Hello, does anyone know what SMART funding is and do all companies use it?

  • #2
    Y'know what, I was talking with my mum the other day about this, and I had to admit, I have no real idea about how it works! I know that companies sponsor cadets and therefore get a chunk of money off their tax bill (tonnage tax). BUT if they're sponsoring cadets and the sponsorship money comes from the SMarT funding pot, doesn't that mean that they're being funded to sponsor cadets AND get the tonnage tax?

    MGN 431 gives information on how SMarT funds are being distributed this financial year, but at the moment a lot of companies are holding off from actually giving any cadetships out until the new SMarT funding review is published, (which will come out as a new MGN replacing 431). It's an incredibly boring document though and I don't have the patience to try and translate it into laymans terms. Plus I don't think it really explains HOW it works (as I was asking above). Anyone got a keen legal mind?

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    • #3
      Tonnage Tax is a system that guarantees a company what tax they pay based on the tonnage in their fleet. Main benefit is that you know what your liability will be. Have a good year financially - great, a bad year - you may lose out

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      • #4
        does anyone know when new SMarT funding review is going to published?

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        • #5
          Does anyone know what would happen to cadets part way through the course IF they made if so you had to pay towards your training? Would it only apply to cadets starting after they introduced it?

          Secondly does anyone know when they would introduce it IF they were to go ahead and do it? Are we talking before Sept 2012, in a year, in several years?

          Sorry if that's a bit off-topic but I think the answers (if anyone has them) might be of some interest.

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          • #6
            Originally posted by Andy_S View Post
            Does anyone know what would happen to cadets part way through the course IF they made if so you had to pay towards your training? Would it only apply to cadets starting after they introduced it?
            Secondly does anyone know when they would introduce it IF they were to go ahead and do it? Are we talking before Sept 2012, in a year, in several years?

            Sorry if that's a bit off-topic but I think the answers (if anyone has them) might be of some interest.
            As far as I'm aware if you're already a cadet your funding is guaranteed for the period of your cadetship. It's difficult to predict how these changes to SMarT will actually affect future cadets, but I think it's fair to say that changes could well be implemented as soon as September 2012.

            From reading another thread on here it would seem that Clyde are expecting an announcement on SMarT funding by the DfT in the next few weeks.

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            • #7
              Originally posted by danielbv07 View Post
              From reading another thread on here it would seem that Clyde are expecting an announcement on SMarT funding by the DfT in the next few weeks.
              I bloody hope so, I'm getting a bit threaders with all this waiting. My entire life seems to consist of waiting for the government to make the latest decision to affect my life...
              "Crazy like wild wolves threatened by fire, send them all to the bottom of the sea."

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              • #8
                I know how you feel about waiting for the funding announcement. I've got an offer waiting to be confirmed and it's all based around this. Hopefully we'll all find out sooner rather than later as to say it's playing on my mind would be understatement of the year!!

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                • #9
                  As far as I'm aware, the issue now isn't entirely with SMarT (though a review is ongoing) but with university tuition fees and finding a way to cover the cost of the increase.
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                  • #10
                    Yeah I've heard that too. Also that having a degree already could be "problematic" which makes me twice as eager to find out what's going on

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                    • #11
                      Originally posted by Ducki52 View Post
                      My entire life seems to consist of waiting for the government to make the latest decision to affect my life...
                      Too right. Anyone in their 20s now seems to have gone through a series of experiments, f**kup and general messing around by governments with regard to eduction and employment that has left some of us well and truly stuffed around. I for one and getting sick and tired of it. It seem just as you find a way to get some decent education/training and find a way out of this mess of a country they go and find some way of f**king it up again!! Sorry for the rant and off-topic.

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                      • #12
                        Originally posted by Andy_S View Post
                        Too right. Anyone in their 20s now seems to have gone through a series of experiments, f**kup and general messing around by governments with regard to eduction and employment that has left some of us well and truly stuffed around. I for one and getting sick and tired of it. It seem just as you find a way to get some decent education/training and find a way out of this mess of a country they go and find some way of f**king it up again!! Sorry for the rant and off-topic.
                        Completely agree Andy! I'm sure it'll all be ok in the end....... Or at least I hope so.

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