HM Revenue & Customs (HMRC) has announced a £16 million fund for businesses to claim grants to cover Brexit related costs.
The Government announced the funding to assist in the training of staff in relation to additional measures that will need to be taken post-Brexit. This includes making customs declarations, helping other firms with import and export processes, and for investment in IT for firms that assist others.
This follows the Government investing £2.1 billion into Government departments last month in preparation for a no-deal scenario, which has doubled the Brexit preparation funding in 2019.
Businesses can get funding for;
- Training that assists the business to complete processes and customs declarations
- Improvements to IT infrastructure to assist the business in the completion and efficiency of customs declarations
The grant fund can also be used to reimburse any expenses related to the above guidelines that have been incurred since 31 July 2019.
The £16 million of funding is open to businesses that are either established in the UK or have a grant in the UK when the grant is received, while firms must not have previously failed to meet any tax obligations.
Jesse Norman MP, Financial Secretary to the Treasury, said: “Brexit takes place on 31 October and we urge all businesses to make the necessary preparations to be fully ready. The government has doubled the support available so that thousands more customs experts are on hand to help businesses on and after Brexit day.”
Businesses can receive up to 100 per cent of the total cost of training for workers, up to a maximum of £2,250 per course, as well as any internal training, which is also to a maximum of £2,250 per course.
You can read the Government’s guidance on the Brexit grant fund here.
Smailes Goldie Group
Latest posts by Smailes Goldie Group (see all)
- FCA announces crackdown on car financing industry - October 16, 2019
- SME Finance Charter to “increase small business access to finance” - October 11, 2019
- SMEs are losing money by not having a website - October 10, 2019