The Brexit Support Fund closes for applications at the end of this month - HMRC is encouraging eligible businesses to complete their application before then as the scheme application date will not be extended beyond 30 June 2021. This £20 million SME fund is designed to enable traders to access practical support, including training for not just new customs rules but support also with the rules of origin and VAT processes. From a recent discussion with HMRC we understand the evidence burden of these grants is much lighter than other grants and that an application can be made before 30 June 2021 but the evidence does not need to be submitted until 31 August 2021.
Anyone booking onto the Institute’s certificate in customs and trade course may be able to avail of the grant, subject to the relevant conditions being met for the scheme if the business is established in the UK.
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. In a recent meeting with HMRC, the Institute was advised that applications have been low to date, especially in Northern Ireland, however thousands of businesses have started applications but not completed them. The scheme administrators are currently contacting businesses which have completed a registration but have not yet submitted their application.
The definition of SME under the scheme is very generous. Broadly, a qualifying business is one established in the UK with up to 500 employees and turnover of up to £100 million.
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