Government £20m SME Brexit Support Fund
After the UK’s exit from the EU in January there were concerns on the new set of tax and customs rules for businesses that trade across EU borders. As a result of these concerns the government is offering up a lifeline to struggling businesses that are impacted due to the new Brexit customs rules.
This year the Government has issues a statement announcing that support will be given to businesses in the form of a Brexit support grant that could be worth up to £2000. This Grant will be available for SMEs to make a claim. Traders will be able to apply for a grant up to £2000 to pay for practical support for importing and exporting. This fund will help businesses to prepare for the implementation of import controls and came into effect this year.
Is my business eligible?
To be eligible for the Brexit support grant 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
- only import or export goods between Great Britain and the EU, or move goods between Great Britain and Northern Ireland, if you already import or export goods from or to a non-EU country you are not eligible for this grant
Your business must also either:
- complete (or intend to complete) import or export declarations internally for its own goods
- use someone else to complete import or export declarations but requires additional capability internally to effectively import or export (such as advice on rules of origin or advice on dealing with a supply chain)
If you think your business is eligible you have until the 30th of June to submit your application for the Brexit support grant.
*Note – early submittance is advised, if all funding is spent before the deadline applications will close early.
How will this grant help my business?
Due to the new rules and regulations on import and export as a result of Brexit, it has come to the attention of the government that not many businesses will be equipped in handling the new laws in place. This is why the Brexit support grant will be issued to SMEs to help fund training on:
- 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
It can be used to help you get professional advice so your business can meet its customs, excise, import VAT or safety and security declaration requirements.
How to apply
PricewaterhouseCoopers (PwC) is administering the grants for HMRC. Please visit https://www.customsintermediarygrant.co.uk/sme-brexit-support-fund for more information or to apply for your Brexit Support Grant.
Need assistance?
Please contact us if you have any questions regarding the Brexit Support Grant. We can assist with your application by providing a quotation for services which you may wish to apply for. We are able to provide professional advice on:
- VAT reporting & registration requirements
- VAT Implications on Import and exports
- Duty advice
If you have any questions regarding the above please do not hesitate to contact us:
(E) enquiries@advaloremgroup.uk or (T) 01908 219100 (W) advaloremgroup.uk
