Budget Newsletter from RMT Accountants & Business Advisors
March 4, 2021
The SME Brexit Support Fund will open to applications imminently. To help your business secure vital support, here’s everything you need to know.
What is the SME Brexit Support Fund?
Announced this month, the £20 million fund is designed to help small and medium-sized enterprises with changes to trade rules with the EU, such as new customs procedures, rules of origin, and VAT.
It has been widely welcomed by industry bodies, including the Federation of Small Businesses, the Institute of Directors, and Logistics UK.
Who can apply?
A successful applicant will have been established in the UK for at least 12 months before submitting an application, or currently hold Authorised Economic Operator status, and:
The business should also:
How much can I get?
SMEs can apply for grants of up £2,000.
What can I spend the grant on?
The cash can be used to access specialist training and support on a range of topics, including:
Notably, the grant can also be used to source professional advice so your business can “meet its customs, excise, import VAT or safety and security declaration requirements” – meaning the grant could be used to offset some of your accounting costs.
How and when can I apply?
The SME Brexit Support Fund will be administered through the pre-existing Customs Grant Scheme and will open for applications from March. We will notify you as soon as the application stage is open.
Get expert advice today
For help and advice preparing and submitting your application, please contact our expert Brexit advisory team today.