£20m Brexit Support Fund for businesses adapting to new tax rules

UK issued a £20 million fund aiming to help smaller businesses cope with the changes to trade rules with the EU. Smaller businesses can now apply for grants of up to £2,000 to help them adapt to new customs and tax rules when trading with the EU.

The £20 million SME Brexit Support Fund enables traders to access practical support, including training for new customs, rules of origin and VAT processes.

The £20 million SME Brexit Support Fund enables traders to access practical support, including training for new customs, rules of origin and VAT processes.

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.

What you’ll be able to use the grant for

You can use the grant for training on:

• how to complete customs declarations
• how to manage customs processes and use customs software and systems
• specific import and export related aspects including VAT, excise and rules of origin

Global VAT Compliance can advise you on all the changes that are in place regarding Brexit and VAT as well as e-commerce changes that are coming this July

Who will be able to apply

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

You can now apply for the fund by clicking here

Source: Gov.uk