The Government’s SME Brexit Support Fund is now open for applications. The Fund, announced in February, aims to support 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, and are therefore new to importing and exporting processes, are encouraged to apply for grants of up to £2,000 for each trader to pay for practical support including training and professional advice to ensure they can continue trading effectively with the EU.
This follows the government setting out a new timetable for introducing import border control processes to enable UK businesses to focus on their recovery. Full import border control processes will now be introduced on 1 January 2022, six months later than originally planned.
To be eligible, businesses 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
- Only import or export goods between Great Britain and the EU, or move goods between Great Britain and Northern Ireland (if you already import or export goods from or to a non-EU country you are not eligible for his grant)
If you have any concerns or queries relating to this or any other business matter, please email info@bmconnect.co.uk or contact your usual BM Connect specialist for advice and assistance.
