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WHAT YOU NEED TO KNOW ABOUT THE SME BREXIT SUPPORT SCHEME

Wed 31st Mar 2021
Businesses are facing many legislative and financial changes this year, with the impacts of the pandemic and Brexit still rumbling through the business community. Fortunately, the government has outlined a range of support schemes to help businesses through this turbulent period.

One of these support schemes is the SME Brexit Support Scheme.

What Is The SME Brexit Support Scheme?

Earlier this month, the government announced an SME Brexit Support Scheme to help small to medium sized businesses adjust to the new customs and VAT rules when trading with the EU. The scheme allows SMEs to receive up to £2,000 to help with training or professional advice if their firm has been established in the UK for at least 12 months, has up to 500 employees and no more than £100m annual turnover.

Businesses can use the grant for training on customs declarations and processes, as well as specific import and export related aspects, which include VAT, excise and rules of origin. This follows the government setting out a new timetable for introducing import border control processes to enable UK businesses to focus on their recovery.

Applications close on 30 June 2021, or earlier if all the funding is allocated before this date.

Who Is Eligible?

According to guidance from the HMRC website, to qualify for this grant 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

Additionally, your business must also either:

• Complete import or export declarations internally for its own goods
• Use someone else to complete import or export declarations but require additional capability internally to effectively import or export

How To Apply

PwC is administrating the applications for this grant, so you can apply through their website.

For more of the latest news and advice on business finance, visit our blog.

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