Ecommerce business owners will be happy to hear that the HMRC have launched a new scheme to help SMEs with exporting to the EU. The scheme is called the ‘SME Brexit Support Fund’ and is offering applicants up to £2,000 worth of training and professional advice. After all the reports of delays and disruption following Brexit, ecommerce business owners and exporters should definitely apply for the scheme before applications close on June 30th 2021. Interested? Here’s all you need to know about the new SME Brexit Support Fund.
How Does The SME Brexit Support Fund Work?
The scheme has two variations. The first offers applicants £2,000 worth of training in exporting processes; such as completing customs declarations, using customs software, and understanding specific rules such as the ‘rules of origin’.
The second variation offers applicants £2,000 worth of advice so your business can meet its customs, excise, import VAT or safety and security declaration requirements. This is clearly a response to reports that most of the disruptions at ports has been due to paperwork being filled in incorrectly. It seems that the first option for the grant would be most beneficial to those who are just starting out exporting and the second might be more appropriate to a larger organisation who is mostly comfortable with the new requirements and just need to refine their processes.
This grant will come as welcomed news to many ecommerce business owners and exporters. It seems that the UK Government are recognising how difficult the Brexit transition has been on SMEs, especially in light of the lockdowns. If you have had your exporting operations affected, the SME Brexit Support Fund will definitely be of benefit to you.
How Can You Apply?
If you’re interested in the scheme, you must first check that you’re eligible. The HMRC have said they are encouraging Small and medium sized businesses that trade solely with the EU – and are therefore new to importing and exporting processes – to apply for the grants. They have also stated that your business must:
- be established in the UK
- have been established in the UK for at least 12 months before submitting the application, or currently hold Authorised Economic Operator status
- not have previously failed to meet its tax or customs obligations
- have no more than 500 employees
- have no more than £100 million turnover
- import or export goods between Great Britain and the EU, or moves goods between Great Britain and Northern Ireland
Remember, if your business fits the above criteria then you should apply as soon as possible as the deadline for applicants is the 30th June 2021.
To apply, simply click the link here and follow the directions. For other advice you can also use the Brexit Checker Tool in order to see if there are any other actions you need to be taking in the meantime.
Conclusion
We really recommend you make the most of this scheme. Brexit has been extremely hard on SMEs and tools like the SME Brexit Support fund can really help you get your business running smoothly again. For more advice on exporting after Brexit, check out our guide here.
If you are a business who participates in cross border e-commerce, or exporting of any kind, we would be more than happy to help you register for UK VAT, gain an EU and UK EORI number, file your UK and EU VAT returns, and help you comply with VAT in case your account faces any issues.
At J&P, helping your business is our passion, and we understand that companies across the UK are at risk now more than ever. We are here to support you through Brexit, so please do not hesitate to give us a call on n 0161 637 1080 or send an e-mail to enquiries@jpaccountant.com.
