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.

Available Grants

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:

• how you can complete customs declarations
• how you can manage customs processes and use customs software and systems
• specific import and export-related aspects including VAT, excise, and rules of origin.

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.

Eligibility criteria: 

Your business must:

• be established in the UK
• have been established in the UK for at least 12 months before submitting the application, or currently hold Authorised Economic Operator status
• not have previously failed to meet its tax or customs obligations
• have no more than 500 employees
• have no more than £100 million turnover
• only import or export goods between Great Britain and the EU, or move goods between Great Britain and Northern Ireland, if you already import or export goods from or to a non-EU country you are not eligible for his grant

Your business must also either:

• complete (or intend to complete) import or export declarations internally for its own goods
• use someone else to complete import or export declarations but requires additional capability internally to effectively import or export (such as advice on rules of origin or advice on dealing with a supply chain)

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.

Moving goods

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.

Eligibility criteria: 

For a helpful breakdown of what you need to do, check out:

• a step-by-step guide on importing goods
• a step-by-step guide on exporting goods

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.

VAT

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:

• Imported to GB from overseas
• Imported to NI from outside the EU
• Sold between GB and NI, as well as the movement of own goods from GB to NI

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 

Zero Tariffs 

If you want to claim zero tariffs when moving your goods:

• Classify your goods by finding the correct commodity code
• Check your goods meet the rules of origin
• Get proof they meet the rules of origin

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