Government announces £20 million SME Brexit Support Fund

Government announces £20 million SME Brexit Support Fund

The UK Government has unveiled a £20m Brexit support package to help SMEs.

The fund aims to help businesses prepare for the implementation of import controls; different controls will come into force from April 2021 and July 2021. We have included a summary of these controls below.

Businesses who only trade with the EU and are new to importing and exporting processes are being encouraged to apply for grants of up to £2,000 to pay for practical support including training and professional advice to ensure they can continue trading effectively.

It is likely that the £20m funding pot will be heavily subscribed and we would therefore encourage interested parties to make their application a priority.

Controls from April 2021

• Anyone importing Products of Animal Origin (POAO) or a regulated plant and plant product, must be prepared to submit pre-notification and relevant health documentation.
• Safety and Security requirements on all exports.

Controls from July 2021

• Meet full customs requirements including submitting declarations, regardless of whether it is a controlled or a non-controlled good, as well as paying VAT and excise duty where necessary.
• Submit Safety and Security declarations on all imports.
• Be prepared for customs compliance checks either at port or an inland site.
• Be prepared for relevant SPS goods to enter GB via a Border Control Post either at port or an inland site, accompanied by SPS documentary requirements.

If you require further advice or guidance, please get in touch with your usual Azets contact or contact a member of our specialist VAT & Indirect Tax team at Azets. 

More information on the support fund announcement can be found on the GOV.UK website. Click here.