Applications are now open for the Government’s SME Brexit Support Fund, which offers grants for up to £2,000 that can be put towards the cost of professional advice on import VAT.
The end of the Brexit Transition period has changed the way businesses must account for VAT when importing from the EU and the new fund offers help to access advice on staying compliant following the changes.
Businesses are eligible for the fund if they:
- have been established in the UK for at least 12 months before submitting an application or currently hold Authorised Economic Operator status;
- have not failed to meet tax or customs obligations in the past;
- have no more than 500 employees;
- have turnover of no more than £100 million; and
- import or export goods between Great Britain and the EU or between Great Britain and Northern Ireland.
They must also meet one of the following conditions:
- Complete (or intend to complete) import or export declarations for their own goods; or
- Use someone else to complete import or export declarations but need additional capability to effectively import or export.
To apply, you will need to provide a quote for the proposed professional advice, the business name and address of your chosen professional advisor and details of the advice you wish to obtain.
Applications are open here.
The deadline for making an application is 30 June 2021 but could be earlier if all £20 million of available funding is allocated before then, so it is advisable to apply as soon as possible.