Could the SME Brexit Support Fund help your business?
If your business moves goods between the UK and EU then the new customs and tax rules apply if:
- goods are bought from an EU seller and brought into the UK
- if sold goods are sent to a buyer in and EU country
- no money has been exchanged but need to move equipment used for business between the UK and EU
HMRC have several ways of helping businesses to adjust to the new rules, including webinars and the introduction of the SME Brexit Support Fund.
The SME Brexit Support Fund will enable smaller businesses to get up to £2,000 to pay for practical support. This includes training or professional advice to help them comply to new customs, rules or origin and VAT rules when trading with the EU.
To qualify for the scheme the 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
- 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
Your business must also either:
- 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)
How to apply
Applications are to be submitted online through PwC.
For further advice on this or another accountancy matter contact AJR & Co Ltd.