The UK Government has announced a £20 million SME Brexit Support Fund to help small and medium sized businesses (SMEs) adjust to new customs, rules of origin, and VAT rules when trading with the European Union (EU).
SMEs who trade only with the EU 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 help them to prepare for the implementation of import controls which come into force from April and July 2021.
Your business must:
- Be established in the UK
- have been established in the UK for at least 12 months before submitting the application, or currently hold Authorised Economic Operator status
- not have previously failed to meet its tax or customs obligations
- have no more than 500 employees
- have no more than £100 million turnover
- import or export goods between Great Britain and the EU, or moves goods between Great Britain and Northern Ireland
The fund will open for applications in March 2021. (Grants to help small and medium-sized businesses new to importing or exporting - GOV.UK (www.gov.uk))
Further details and read the full press release here (Government announces £20 million SME Brexit Support Fund - GOV.UK (www.gov.uk))
Posted on: Friday 19th February 2021