SME Brexit Support Fund open for applications
The UK government has unveiled a £20 million Brexit support package to help small and medium-sized enterprises (SMEs) with changes to customs and tax rules when trading with the EU.
The SME Brexit Support Fund aims to help businesses prepare for the implementation of further import controls which come into force later this year.
Businesses who trade only with the EU and are therefore new to importing and exporting processes will be encouraged to apply for grants of up to £2,000 for each trader to pay for practical support, including training and professional advice, to ensure they can continue trading effectively.
Who can apply?
Businesses must meet certain criteria, including having been established in the UK for at least 12 months, having fewer than 500 employees and no more than £100 million in turnover.
You must also:
- Not have previously failed to meet tax or customs obligations
- Only import or export goods between Great Britain and the EU, or move goods between Great Britain and Northern Ireland
Your business must also:
- 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)
Mike Cherry, National Chairman of the Federation of Small Businesses (FSB), said:
‘We have been asking for proper financial assistance of this scale so that a cash-strapped small business can afford to buy-in expertise, training and practical support. The new fund will make a significant difference.’
How to apply
Applications can be made online here
The closing date for applications is 30 June. However, HMRC states that the fund may close for applications earlier if the full £20 million is allocated.
If you have any questions about funding for your business or any of the above, please contact our Business Tax team on 01903 234094.