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£20 million SME Brexit Support Fund opens for applications
Smaller businesses can apply for grants of up to £2,000 to help them adapt to new customs and tax rules when trading with the EU. The SME Brexit Support Fund could give you up to £2,000 to help with training or professional advice, if your business has up to 500 employees and no more than £100 million annual turnover.
The government has announced an additional £20 million available through the SME Brexit Support Fund. Provided you meet the eligibility criteria then HMRC may provide funding towards the costs of training and/or professional advice, to help you with changes to trade rules with the EU.
What grants are available through the scheme?
Traders can apply for up to £2,000 in total through two types of grants:
You can use the grant for training on:
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how to complete customs declarations
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how to manage customs processes and use customs software and systems
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specific import and export related aspects including VAT, excise and rules of origin
Grant for Professional Advice: The grant can be used to get professional advice, so your business can meet its customs, excise, import VAT or safety and security declaration requirements.
Who can apply?
To be eligible for this funding your business must:
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be established in the UK
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have been established in the UK for at least 12 months before submitting the application, or currently hold Authorised Economic Operator status
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not have previously failed to meet its tax or customs obligations
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have no more than 500 employees
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have no more than £100 million turnover
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import or export goods between Great Britain and the EU, or move goods between Great Britain and Northern Ireland
Your business must also either:
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complete (or intend to complete) import or export declarations internally for its own goods
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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)
How to apply
PricewaterhouseCooper (PwC) is administering the grants for HMRC.
Applications will close on 30 June 2021 or earlier if all funding is allocated before this date.
6. Your funds will be paid within 30 days of your claim
Applications will close on 30 June 2021 or earlier if all funding is allocated before this date.
Disclaimer: The information contained in this article is intended to be a guide and is not intended to be exhaustive. No action should be taken on the basis of information contained herein without obtaining the necessary advice. No responsibility can be accepted for loss or damages occasioned to any person acting or refraining from acting as a result of the material contained herein.
