You Can Help Your Business to Adapt With the Brexit Support Fund and Other Available Options.
New changes in doing business in the UK have come with a Brexit deal in place. Reformation and adaptation are now needed in terms of doing business with the EU. There’s plenty of help available on everything from exports and imports to tariffs and travel to help keep your business moving.
If you want personalized actions for your business, and find support and advice from a range of online guides, you can check gov.uk/transition to use the Brexit Checker tool. With the businesses on the way to focus on getting back to work after the last lockdown, the inauguration of new checks on goods imported from the EU to GB had been delayed, will now start in October and January.
The SME Brexit Support Fund
You can get up to £2,000 for practical support, to help with training or professional advice, if your business has up to 500 employees and no more than £100 million annual turnovers.
It aims to help small and medium-sized businesses adjust to new customs, rules of origin, and VAT rules when trading with the EU.
The grant can be used for training on:
You can use it to help yourself get professional advice so your business can meet its customs, excise, import VAT, or safety and security declaration requirements.
Your business must:
Your business must also either:
More details available on gov.uk. You can contact your local Accountants in London to help you with the details.
Application and Deadline:
PricewaterhouseCoopers (PwC) is administering the grants for HMRC. Applications will close on 30 June 2021 or earlier if all funding is allocated before this date.
New rules impose making customs declarations on all goods your business brings into or sends out of the UK. In case of declaration, you can make it yourself, but as a safer option- most businesses use an intermediary like a courier, freight forwarder, or customs agent.
For a helpful breakdown of what you need to do, check out:
Make sure to use the free-to-use Trader Support Service for information and advice. The TSS can also complete declarations on your behalf, without the need for specialist advice or software.
You need to be prompt in making sure your business is up to date with the latest VAT guidance.
As a trader you must pay VAT on all goods:
In the case of SMEs, they can benefit financially when they delay paying import VAT by using Postponed VAT Accounting (PVA), PVA is available permanently. Find out if this could fit your business. Contact Small Business Accountants in London
If you want to claim zero tariffs when moving your goods:
Contact Taj Accountants
At Taj Accountants we provide accounts and taxation services, consultancy for starting up new small businesses, and advisory services based on the newest trends with modern technological innovations. Our group of experts analyzes your cash flow and intends to pave a smooth and progressive financial road for you. We understand that times are tough and we are here to help.
DISCLAIMER: The purpose of the blog is to provide information and insight regarding the situation. The readers must contact experts before making any decisions based on the information. We highly appreciate you contacting Taj Accountants for further assistance