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SME Brexit Support Fund – information to be aware of before June 2021

Information to be aware of before June 2021.

HMRC has introduced an SME Brexit Support Fund, a government funded grant, which could give you up to £2,000 to help with training or professional advice.

In order to be eligible, 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 grant can be used to get professional advice, so your business can meet its customs, excise, import VAT or safety and security declaration requirements.

Please see link below for reference:
CLICK HERE

Qualifying expenditure for training or professional advice must have been made or committed to on or after the announcement on 11 February 2021.

The process is as follows:

Professional Advice Grant

  • Applicant makes eligible grant expenditure, in accordance with the grant offer.
  • Applicant submits evidence of payment within 2 calendar months of the grant offer being issued and at the latest on or before 31 August 2021. Required evidence includes a VAT invoice and redacted bank statement evidencing the expenditure.
  • Applicant uploads bank account details to grant website portal.
  • Payment evidence is reviewed, and payment is made within 30 days for all valid claims

Your business must also either:

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

If you require any BREXIT VAT advice and consider that you could be eligible for the grant to cover any costs, please let us know.

Please note that applications will close on 30 June 2021 or earlier if all funding is allocated before this date.

Disclaimer

The information was correct at time of publishing but may now be out of date.

Brexit
Posted by Alex Hesketh
26th March, 2021
Get in touch with Alex Hesketh