The Brexit Support Fund aimed at small businesses across the UK has now opened for applications, with firms that trade with EU countries able to apply for grant support.
This fund is worth a total of £20 million, with the maximum grant that each individual firm can apply for being £2,000. The Brexit Support Fund was set up by the government and is being administered by HMRC. It is designed to assist small firms that are struggling with changes to the rules on tax and customs charges when it comes to EU trading in the wake of Brexit.
In addition to the grants, these firms can also get various forms of practical help and advice, such as training on the new regulations for VAT, customs and rules of origin.
Speaking to Gov.co.uk following the launch of the fund, Katherine Green from HMRC stated that:
“We recognise that changes to customs rules have been challenging for small and micro businesses, and this is why we are encouraging business owners to apply for support through the SME Brexit Support Fund.”
Green’s colleague Sophie Dean went on to add that HMRC was keen to support small firms in trading with EU countries, as it recognises how crucial they are to the economy. An accountant for small business in Doncaster or another region will also be able to provide help with changes to the rules.
The fund was first announced earlier in the year, and any small or medium-sized firm that does businesses with countries inside the EU is eligible.