The Government has announced a £20 million SME Brexit Support Fund to support SME businesses adjust to new customs, rules of origin, and VAT rules when trading with the EU.
The SME Brexit Support Fund is open to SMEs who only trade with the EU and are therefore new to importing and exporting processes that will apply from April and July this year. The fund will provide grants of up to £2,000 for each business to pay for practical support, including training and professional advice to ensure they can continue trading effectively with the EU.
To be eligible for the grant then the following must all be met:
- Established in the UK for at least 12 months;
- Complied with all tax and customs obligations;
- Up to 500 employees and an annual turnover of up to £100m;
- Import or export goods between Great Britain and the EU or move goods between Great Britain and Northern Ireland; and
- Either complete your own import-export declarations or use an agent, but require additional support to effectively import or export.
SMEs are being encouraged to apply for these grants through the pre-existing Customs Grant Scheme and will open for applications next month.
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If you have any queries, please contact our Brexit Team at email@example.com or on 0330 088 7111.