HMRC has set out its new policy on the VAT treatment of compensation and similar payments. Historically HMRC took the view that compensation payments were outside…
Last week (11 February) saw the government announce a £20m SME Brexit Support Fund to support small and medium sized businesses (SMEs) adjust to new customs, rules of origin, and VAT rules when trading with the EU.
SME Brexit Support Fund
What we know so far:
|Aimed at/ eligibility||SMEs who trade only with the EU and are therefore new to importing and exporting processes will be encouraged to apply|
|Grant level (£)||Grants of up to £2,000 for each trader|
|Use||To pay for practical support including training and professional advice to ensure they can continue trading effectively with the EU|
|Administration||The fund will be administered through the pre-existing Customs Grant Scheme|
|Open for applications||The fund will open for applications next month|
Other UK Government support
The press release on the SME Brexit Support Fund also mentioned a number of other measures brought into assist businesses with the transition to post Brexit trading regulation.
PKF Francis Clark
My colleagues have been producing a lot of useful information to help you trade in a post Brexit era. There are lots of useful factsheets and articles that explain the main changes that businesses should be aware of at https://www.pkf-francisclark.co.uk/sectors/brexit/