The £20 million SME Brexit Support Fund enables traders to access practical support, including training for new customs, rules of origin and VAT processes.
Centurion VAT have been lobbying for an extension of the fund, which currently is due to close for applications on the 30th June. Whilst there is currently no news on whether the date for applications will be extended the fund is, so far, undersubscribed.
Grants of up to £2,000 are still available to qualifying businesses if applications are submitted by the June 30th deadline.
Small and medium sized businesses that trade solely with the EU – and are therefore new to importing and exporting processes – are encouraged to apply for the grants to help them adapt to new customs and tax rules. To be eligible for the grant, businesses must have no more than 500 employees and turnover no more than £100m.
The border controls introduced on 1st January 2021 now require businesses trading with the EU to have a clear understanding of the commodity codes and preference origin of the goods they’re moving and require additional paperwork and declarations for controlled goods.
HMRC compliance is vital for businesses as errors or delays can leave businesses open to fines of up to £2,500. Whether your business is VAT registered or not, it is still vital that you know how the VAT rules affect your UK business.
If you export of import to/from the EU and would benefit from VAT advice as a result of the 2021 changes, please do have a look at the scheme, link included here and if appropriate Centurion VAT can provide a quotation for you to submit with your grant application before the end of June.
Sign up to Chambers Wales’ event Funding the Future of International Trade on 1st July 2021 to find out more about the funding, risk mitigation and expert advice available to internationally trading businesses.
To apply for funding please click here