The Government announced this month (February 2021) a £20 million support package for small businesses (SMEs) to mitigate some of the time and costs caused by new Brexit rules when trading with the EU.
What is the SME Brexit Support Fund?
The SME Brexit Support Fund will assist small and medium businesses adjust to new customs procedures, rules of origin, and VAT rules when trading with the EU.
Who can apply?
To be eligible for the SME Brexit Support Fund, your business must:
– have been established in the UK for at least 12 months (or currently hold Authorised Economic Operator status)
– have no more than 500 employees
– have no more than £100 million turnover
– import or export goods between Great Britain and the EU, or move goods between Great Britain and Northern Ireland
– not have previously failed to meet its tax or customs obligations
Your business must also meet one of the following conditions:
– complete (or intend to complete) import or export declarations internally for its own goods; or
– use someone else to complete import or export declarations but need additional capability to effectively import or export
How much can you get and what can it be spent on?
The grants are worth up to £2,000 and can be used to access specialist training and professional advice on a range of topics including:
– 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
Notably, the grant can also be used to source professional advice so businesses can “meet their customs, excise, import VAT or safety and security declaration requirements” – meaning the grant could potentially be used to offset some of your accounting costs.
How to apply
The SME Brexit Support Fund will be administered through the pre-existing Customs Grant Scheme and is now open.
How we can help
For help and advice preparing and submitting your application or for any information on continuing to trade with the EU, please get in touch with your usual PM+M adviser or contact email@example.com