The government’s Brexit support scheme is now open to applicants

The Brexit support scheme is now open for applications. Anees Hussain from our tax department reminds us of how to apply and how it can help your business.

In this rather extraordinary period we have endured over the past year, it can be easy to forget the one emotionally-charged issue that once gripped our attention on an almost daily basis: Brexit.

It is understandable if you have not been keeping up to date with the changes regarding Brexit for your business, as your focus may well have been on ensuring that your company remains afloat. This blog will aim to encapsulate everything you need to know about the new Brexit government support scheme, for your small or medium-sized business.

£20m has been made available in what is known as the SME Brexit Support Fund. Those smaller businesses that trade primarily with the EU, and which are less acquainted with the importing and exporting process changes, are highly encouraged to apply for the grants. Along with the extension to the full import border controls processes to be enacted from 1 January 2022, the Fund provides much-needed assistance to those smaller entities who will now need to adapt swiftly to unprecedented changes in our trading arrangements with overseas businesses.

What the grant covers

An amount of £2,000 per company is available under this support scheme. This cash grant can be used for training on key issues related to trading with overseas entities. Such issues include: all matters relating to the customs processes and how to use customs software and systems; understanding how to accurately complete customs declarations; and clear guidance on specific import and export issues (which include the rules of origin, excise and VAT).

It can also be used towards professional advice, so that your business is able to comply with the numerous new requirements of customs, excise and import VAT, as well as safety security declarations.

Eligibility

Here is a quick list of the eligibility criteria for this Brexit support scheme:

• Businesses must import or export goods between Great Britain and the EU, or they must be moving goods between Great Britain and Northern Ireland.
• The turnover of the business must not exceed £100 million.
• Your business must have a maximum of 500 employees.
• You must possess a clean tax and customs record.
• The business should have been established in the UK for more than 12 months – or hold Authorised Economic Operator (AEO) status for the EU.
• You must have virtually no past customs experience.
• You must require assistance and internal training to help support with import and export declarations.

How to apply

Applications can be made via PricewaterhouseCoopers (PwC) who have been appointed to operate the administration of these grants for HM Revenue & Customs.

The deadline for applications will close on 30 June 2021. It appears that this grant is limited to the £20 million fund allocation provided by the government, so it is first-come-first-served. Time is of the essence here for those who require that cash boost to help them navigate their way round the unprecedented Brexit changes impacting their business.

https://www.gov.uk/government/news/20-million-sme-brexit-support-fund-opens-for-applications

Page Kirk, have seasoned advisors who are able to point you in the right direction on such matters and ensure that you maximise your opportunities to improve cash flow and are well-informed on the fluid changes in the government support schemes in these unusual times. We have experts in both taxation and accountancy, who can ensure you maintain profitability in this difficult period for growth. Our team can help in dealing with you all your compliance matters, as well as provide advice, where appropriate, so that you can focus on running your business, safe in the knowledge that your tax affairs are in order.

Contact us on 0115 955 5500 or email us on enquiries@pagekirk.co.uk.