Where can you find your £ 2,000 Brexit Support Fund grant?
Small businesses trading only with the EU can apply for a grant of £ 2,000 through the Brexit Support Fund for help with import and export.
The government has allocated £ 20 million to the Brexit Support Fund to help small businesses change EU trade rules.
The Brexit Support Fund is set to help UK’s 6 million small businesses cope with the new customs, origin and VAT regulations that will come into effect from April and July.
> See also: Half of small business exporters struggling with new rules after Brexit
The existing customs subsidy system will manage the Brexit Support Fund, which will be opened for applications in March.
What the government is calling new import controls will come into effect in three steps by July 1, 2021 to allow traders and freight forwarders to prepare for new bureaucracy. See the Border Operating Model for more details.
Businesses don’t need to fill out new import declarations for up to six months unless they are moving controlled goods.
Michael Gove, Chancellor of the Duchy of Lancaster, said, “With this new targeted funding, small businesses will have more hands-on support to adapt to the new processes and prepare for further changes when we implement our own import controls in April and July. “
> See also: How to avoid paying £ 130,000 sales tax fees when exporting to the EU
Mike Cherry, national chairman of the Federation of Small Businesses, said, “Small businesses, often with low cash reserves, are facing complex new customs processes, VAT requirements and rules of origin for the first time. We have requested adequate financial assistance of this magnitude so that a small business in need of money can afford to acquire expertise, training and practical assistance. “
Jonathan Geldart, Director General of the Institute of Directors, commented on the Brexit Support Fund: “This is an important milestone in getting the government to address industry needs in relation to the Brexit challenges.
“The IoD has advocated the need for such a system for almost four years, and while it seems late, the need for help managing the customization is even greater than it is planning.
“The minimal time companies have to adapt to the end of the transition period has had a disproportionate impact on trade in goods. However, we hope the system will take precautions to ensure that SMEs dealing with changes in trade in services can benefit from it. “
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