This week the Chancellor of the Duchy of Lancaster Michael Gove, announced that a £20m SME Brexit Support Fund will be available from next month.
Businesses will need to adjust to new customs, rules of origin, and VAT rules when trading with the EU. The fund aims to help small and medium sized businesses prepare for the implementation of these new import controls which come into force from April and July.
The government have consulted with businesses and trade associations across the UK during weekly meetings, through the Brexit Business Taskforce. The aim has been to identify upcoming challenges in these uncertain times and find solutions.
The fund will be managed through the pre-existing Customs Grant Scheme and will allow traders to apply for a grant of up to £2,000 to pay for practical support for importing and exporting.
Andrew Copping, Director commented, “This new fund will help small and medium sized businesses who trade only with the EU, at a critical time when the new import controls come in. We will be encouraging our eligible clients to apply from next month”
The government are also providing additional support for SME’s – further details can be found here.
How can we help?
We understand that these are challenging and uncertain times, and continue to be available to discuss your current situation and the financial support available. If you have new business concerns following the latest updates, or would like help navigating the support you can access, contact your usual relationship practitioner, email email@example.com or call us on 0161 905 1616.