Deadline approaches for SME Brexit support grant
Smaller businesses have until the end of the month to apply for grants to help them adapt to new customs and tax rules when trading with the EU.
The £20 million SME Brexit Support Fund offers eligible UK traders grants of up to £2,000 to access practical support, including training for new customs processes, rules of origin and VAT processes.
Small and medium-sized businesses that trade solely with the EU, and are therefore new to importing and exporting processes, are encouraged to apply for the grants.
To be eligible, businesses must import or export goods between Great Britain and the EU or move goods between Great Britain and Northern Ireland.
They also should be UK-based, have met all tax and customs obligations, have fewer than 500 employees on the books, and an annual turnover of £100m or less.
Mike Cherry, chair at the Federation of Small Businesses, said:
“Small businesses, often with few cash reserves, are for the first time facing complex new customs processes, VAT requirements and rules of origin.
“This fund will make a significant difference, so that a cash-strapped small business can afford to buy-in expertise, training and practical support.”
PricewaterhouseCoopers is administering the grants on HMRC’s behalf. Applications close on 30 June 2021 or sooner if the £20m fund is allocated to SME traders before this date.
Speak to us about post-Brexit VAT compliance.