We are sharing this update from ACCA, our professional body, for the interest of clients and contacts. The content is (c) ACCA
Smaller businesses can apply for grants of up to £2,000 to help them adapt to new customs and tax rules when trading with the Eu
The £20m SME Brexit Support Fund enables traders to access practical support, including training for new Customs, rules of origin and VAT processes. The grant can also be used to fund professional advice, for example from accountants, so members should highlight this to their clients as soon as possible.
To be eligible, businesses must import or export goods between Great Britain and the EU, or move goods between Great Britain and Northern Ireland. 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.
The application portal – administered by PwC on behalf of HMRC – opened on 15 March 2021 and it is understood that hundreds of applications have already been submitted.
Applications will close on 30 June 2021 or earlier if all funding is allocated before this date.