Details of a new £20 million SME Brexit Support Fund have been published by the Government, in which grants of up to £2,000 are available to help SME’s trade with the EU following the new Brexit rules that came into force from 1st January 2021.
The fund is intended to help SME’s navigate the new EU trade rules and adjust to new customs and VAT rules.
Who is able to apply for the Support Fund?
In order to qualify for funding support, your business must:
- Be established in the UK
- Have been established in the UK for at least 12 months before submitting the application, or currently hold Authorised Economic Operator status
- Not have previously failed to meet its tax or customs obligations
- Have no more than 500 employees
- Have no more than £100 million turnover
- Import or export goods between Great Britain and the EU, or moves goods between Great Britain and Northern Ireland
More comprehensive details regarding qualifying criteria can be found here.
How do I access the SME Brexit Support Fund?
Qualifying businesses are able to apply for a grant of up to £2,000 to fund practical support for importing and exporting, and also prepare for the implementation of import controls, set to come into force from April and July 21.
Applications for the SME Brexit Support Fund are now open soon and must be submitted online. PricewaterhouseCoopers (PwC) is administering the grants for HMRC. Applications will close on 30 June 2021 or earlier if all funding is allocated before this date.
What can I use the grant for?
The grants are intended to be used for training and support purposes, such as:
- How to complete customs declarations
- How to manage customs processes and use customs software and systems
- Specific import and export related aspects including VAT, excise and rules of origin
Helping you thrive with our grant-funded training workshops and supply chain health checks
To help companies navigate the changing regulations and duty processing requirements, experts from Smith Cooper’s specialist VAT division are providing bespoke training workshops in conjunction with experienced Customs Duty professionals who provide specialist advice to UK importers and exporters alike. Our aim is to help you understand your requirements, whilst driving and optimising tax efficiencies and implementing cost effective solutions to help you thrive in the post-Brexit world.
Each workshop is entirely bespoke, and businesses who take part have the flexibility to choose the content based on what is relevant to them.
In recent weeks we have supported numerous clients across several sectors, all of whom are engaged with the import and export of goods into or from the UK, evaluating their existing supply chains and wider business plans from a functional perspective. If you’d like to know, please get in touch with Gavin West, Head of VAT and Indirect Taxes at Smith Cooper.