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HMRC PUBLISHES GUIDANCE FOR SME BREXIT SUPPORT

The Government has just released guidance for its £20 million Brexit support package for small businesses to adjust to new customs and VAT rules when trading with the EU.

The scheme allows SMEs to receive up to £2,000 to help with training or professional advice if their firm has been established in the UK for at least 12 months, has up to 500 employees and no more than £100m annual turnover. Businesses can use the grant for training on customs declarations and processes, as well as specific import and export related aspects, which include VAT, excise and rules of origin.

Afford Bond Director, Paul Edwards said: "Please don't delay if you intend to apply for this business support. Applications close on 30 June 2021, or earlier if all the funding is allocated before this date."

The Federation of Small Businesses, added: “Small businesses, often with few cash reserves, are for the first time facing complex new customs processes, VAT requirements and rules of origin. We have been asking for proper financial assistance of this scale, so that a cash-strapped small business can afford to buy-in expertise, training and practical support.”

If you need additional business advice and guidance, please contact us using the form on our website or call Nantwich accountants on T: 01270 623731 or Wilmslow accountants T: 01625 416380