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£20 million Brexit SME Support Fund opens for applications

The fund will help small companies with changes in trade rules with the EU.


From the 15th of March 2021 small businesses can apply for grants of up to £2,000 to help them adapt to new customs and tax regulations when dealing with the EU.

The £20 million SME Brexit Support Fund gives traders access to hands-on support, including training on new practices, rules of origin and VAT processes.


Small and medium-sized companies that only do business with the EU and are therefore new to import and export processes are encouraged to apply for the grants.


To be eligible, companies must import or export goods between Great Britain and the EU, or move goods between Great Britain and Northern Ireland.


This follows the fact that the government has set a new timetable to put in place import border control processes so that UK businesses can focus on their recovery. Full import border control processes are now being implemented on the 1st of January 2022, six months later than originally planned.


What can you use the grant for

The grant can be used for training on:

- how to complete customs declarations;

- how to manage customs processes and use customs software and systems;

- specific aspects related to import and export, including VAT, excise duties and rules of origin.

It can be used to help you get professional advice so that your business can comply with customs, excise, import VAT or declaration requirements.


Who can apply

Your business must:

- be established in the UK;

- be located in the UK for at least 12 months prior to submitting the application, or currently have Authorised Economic Operator status;

- have not previously violated their 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 transport goods between Great Britain and Northern Ireland.


Your business should also:

- complete (or intend to complete) import or export declarations for its own goods;

- use someone else to complete import or export declarations, but needs extra internal capacity to import or export effectively (such as advice on rules of origin or advice on dealing with a supply chain).


If you need consultation on this topic please do not hesitate to contact Persona Finance (enquiries@personafinance.co.uk).

2021-03-17 21:30 Latest News Accounting and Finance Business