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Beyond the balance sheet

An SME Brexit Support Fund to help your business

Nischal Basnet 06/5/2021 2 minute read

Nischal Basnet ACA details the SME Brexit Support Fund and how it can assist your business.

It's getting hard to keep up with all the business support initiatives available these days.

Since Brexit and then the COVID-19 pandemic, there have been a plethora of announcements, initiatives, and grants made available. Owner managers could be forgiven for feeling overwhelmed given all the different support options they've probably looked into.

Despite understandable lethargy, business owners would do well to take notice of the SME Brexit Support Fund. The government have made £20 million available through this to help businesses with changes to trade rules following the UK's departure from the EU. 

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The grants available through the SME Brexit Support Fund

You can apply for up to £2,000 through the fund to help pay for either training or, professional advice.

The professional advice can help you stay compliant with matters including import VAT, customs, excise, and safety and security declarations.

With regards to training the grants can be used to up-skill in:

  • How to complete customs declarations
  • Using systems and software for customs processes
  • Specific import and export matters such as rules of origin, excise duty, and VAT

Eligibility criteria

Your SME can qualify for the scheme if:

  • You're established in the UK
  • You've been established in the UK for at least 12 months prior to submitting the application
  • You employ no more than 500 staff
  • Your turnover is no more than £100 million
  • You only import or export good between Great Britain and the EU, or you transfer goods between Great Britain and Northern Ireland

Your business must also:

  • Either complete (or intend to complete) import or export declarations internally for its own goods, or;
  • Use someone else to complete import or export declarations but require additional capability internally to effectively import or export (such as advice on rules of origin or advice on dealing with a supply chain)

Deadlines for the grant and how to apply

You have until 30 June 2021 to apply but note that the funding may have been allocated before then. This means if you think you qualify then it's best to make an application immediately.

Click here to make an application.

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The content of this post was created on 06/05/2021.
Please be aware that information provided by this blog is subject to regular legal and regulatory change. We recommend that you do not take any information held within our website or guides (eBooks) as a definitive guide to the law on the relevant matter being discussed. We suggest your course of action should be to seek legal or professional advice where necessary rather than relying on the content supplied by the author(s) of this blog.

 

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