The Brexit Support Fund will help small and medium-sized businesses adapt to new customs and tax rules when trading with the EU, it has been announced.
Launching the scheme, HM Revenue & Customs (HMRC) said traders can apply for up to £2,000 to cover the costs of specialist support and training from this week.
The £20 million initiative comes after concerns that the “vast majority” of SMEs who trade internationally only trade with the EU, meaning most businesses are unfamiliar with complex importing and exporting processes.
The Government said the new scheme will help traders pay for practical support – including training and professional advice (such as accountant’s fees) – to ensure they can continue to trade with the EU and the rest of the world.
To apply, your small business must import or export goods between Great Britain and the EU, or move goods between Great Britain and Northern Ireland, and:
- 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; and
- have no more than £100 million turnover.
Welcoming the programme, Mike Cherry, Federation of Small Businesses National Chairman, said: “The vast majority of UK small firms that do business overseas trade with the EU. Not only are they trying to stay afloat as lockdowns gradually ease, they now have new, unfamiliar paperwork and costs to navigate when they buy from, or sell to, Europe.
“We encourage all eligible small businesses to take a look and apply for this new source of help.”
Jon Geldart, Director-General at the Institute of Directors, added: “Smaller firms have long needed assistance with managing the host of new requirements that come with changing our EU trading arrangements, and that need has only grown in the current adjustment phase.”
Learn more about the Brexit Support Fund here.
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