HMRC has announced that a £16m fund has been made available from which businesses can claim grants to cover certain costs associated with Brexit.
There are two grants available, for training costs and for IT costs. The costs must relate to the completion of Customs declarations for imports from or exports to the EU, whether the declarations are (or will be) completed for the business itself or for other businesses.
Each business is eligible to receive up to Euro 200,000 for IT costs and up to £250 per person for in-house training or up to £2,250 per course.
To be eligible for the grants, the business must have a UK establishment and a good tax record. For the IT grant, the business must have 250 employees or fewer and an annual turnover of less than Euro 50 million.
There are information requirements and time limits, so applications should only be made when each business is prepared. However, speed is of the essence as the opportunity will close once funding is fully allocated (latest 31 January 2020). Applications can be made online where further details can be found here.
For further information and help on VAT and Brexit, please contact the TaxDesk on 0845 4900 509 and ask for Kevin Hall.