SME Brexit Support Fund Launched

An SME Brexit Support Fund has been introduced by HMRC which is designed to help smaller businesses with changes to trade rules with the EU.

Brexit Has Changed The Landscape

Brexit has certainly changed the landscape for businesses that import and export goods from and to the European Union. These changes will of course be permanent, so it is something that all parties will have to get to grips with if they want to carry on successfully trading across the borders. Free movement of goods from Great Britain to the EU has now ended which is nobody`s ideal scenario but it will have to be dealt with and this Support Fund will be welcomed by all traders I am sure.

Helping Businesses Adapt To New Customs & Tax Rules

Below are details of the fund as set out on the Accountancy Daily website:

“Smaller businesses can apply for grants of up to £2,000 to help them adapt to new customs and tax rules when trading with the EU. The fund enables traders to access practical support, including training for new customs, rules of origin and VAT processes.

“To be eligible, businesses must import or export goods between Great Britain and the EU or move goods between Great Britain and Northern Ireland.

“This follows the Government setting out a new timetable for introducing import border control processes to enable UK businesses to focus on their recovery. Full import border control processes will now be introduced on 1 January 2022, six months later than originally planned.

The Furlough Scheme One Year On

Looking back it is now a year since the furlough scheme, or Job Retention Scheme, was launched in Northern Ireland to protect jobs and save businesses during lockdown. Little did any of us think that we would be back in lockdown 12 months on and maybe it is just as well!

At its peak the Job Retention Scheme supported almost a quarter of a million workers in Northern Ireland and there is no doubt that it saved thousands and thousands of jobs. Even so this safety net could not save every job and up to 10,000 people were made redundant here last year with more job losses inevitably to follow in the coming months. Employers still have to cover the cost of pension and national insurance contributions with no money coming in of course.

Let us all hope for better times ahead as we move towards summer and an easing of lockdown restrictions.