30 October 2019
The UK is leaving the EU and there will be changes to the way we trade with the EU that may affect your business. It may mean you have to apply customs, excise and VAT procedures, like those that already apply for goods and services traded outside the EU.
Depending on the size and nature of your business, this could mean you need to retrain or recruit new staff or update your IT processes in order to complete customs declarations for imports from, or exports to, the EU. HMRC have now announced there is a £16m fund to help cover these costs.
Specifically, there are three grants available:
- up to €200,000 for IT improvements to complete customs declarations more efficiently;
- up to £250 per person for in-house training or up to £2,250 per course for those who complete customs declarations in your business; and
- up to £10,000 per employee recruited to help your business complete customs declarations.
There are of course eligibility criteria that must be met:
- businesses must be established in the UK and have a good tax record;
- you must complete customs declarations and import from/export to the EU; and
- for the IT grant, you must have no more than 250 employees, and an annual turnover of less than €50 million.
You can apply to one or all of the grants, depending on your business needs. Please review the HMRC guidance on these grants before making your application – there are time limits and information requirements that must be met.
Making the most of these grants ASAP is crucial
The opportunity will cease once the fund is fully allocated – latest by 31 January 2020.
For more information, or any advice on this process and Brexit, please contact the UHY tax team or call 020 7216 4600.
Alternatively, fill out our contact form here.