HMRC has updated its guidelines on small and medium-sized enterprises (SMEs) that are facing import and export talks for the first time.
The new £20 million economic measure allows SMEs to be able to apply for grants and support them in the first months after the UK departure from the European Union.
The SME Brexit Support Fund would provide up to £2,000 for training or career advice support.
What is the support fund for small and medium-sized enterprises in the UK intended for?
The fund aims to help SMEs in customs procedures, such as the compilation of declarations, process management and help in the use of software and systems.
In addition, the economic measure plays a crucial role in supporting SMEs on specific aspects relating to import and export, including VAT, excise duties and everything related to the rules on the origin of products.
It can also be used to obtain professional advice so that the company can meet its customs, excise, import VAT or security declaration requirements.
HMRC then established some requirements for the companies that are going to apply for financial support.
Companies based and registered in the United Kingdom for at least 12 months before submitting the grant application, or in possession of the status of Authorized Economic Operator, can apply for it.
A fundamental requirement is the import and export of goods between Great Britain and the European Union as well as between Great Britain and Northern Ireland and completion of the related documentation for their goods.
In order to request the grant, the company must also be punctual in tax compliance, not have more than 500 employees and the annual turnover must not exceed £100 million.
The company that is dealing with the management of applications for economic support is the auditing firm PricewaterhouseCooper (PWC) and it is possible to apply for the grant by accessing the following link SME Brexit support fund — Customs Grant Scheme (customsintermediarygrant.co.uk).