Less than one month left for businesses to apply to SME Brexit Support Fund
Businesses have been reminded that there is less than one month remaining to claim grant funding through the SME Brexit Support Fund.
The initiative – which helps new and established businesses adapt to post-Brexit importing and exporting processes – will close to new applications on 30 June 2021.
If you need help trading overseas, here’s what you need to know.
What is the SME Brexit Support Fund?
Launched in response to Brexit, the grant funding scheme enables traders to access specialist training to help them adapt to new customs and tax processes, such as the rules of origin and VAT.
According to recent research, the vast majority of small businesses who trade overseas only do so with the EU, meaning many are unfamiliar with the complex international trading rules introduced at the end of the transition period.
How much can traders get?
Traders who currently trade with the EU, or plan to do so in the future, can access up to £2,000 in grant funding. The cash can be used to pay for specialist training and professional advice – including accountant’s fees.
Who is eligible for support?
Eligible businesses will have been established in the UK for at least 12 months before applying, or currently hold Authorised Economic Operator status, and:
- not have previously failed to meet its tax or customs obligations
- have no more than 500 employees
- have no more than £100 million turnover; and
- import or export goods between Great Britain and the EU, or move goods between Great Britain and Northern Ireland.
The business should also:
- 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).
When is the deadline?
The final deadline for applications is 30 June 2021, but the Institute of Chartered Accountants in England and Wales (ICAEW) has urged businesses to apply as soon as possible. This is because there is a limited amount of grant funding available.
How do I apply?
For more information about the application process, please click here.
We hope you found this article informative. For help and advice on business related matters, please get in touch with our team today.