Author Archive: Muhammad Zia

Help to Grow scheme: small businesses invited to register interest

Small businesses can now register their interest in joining the Government’s Help to Grow scheme, it has been announced.

Revealed earlier this year, the £520 million initiative is designed to help new businesses restart and recover after the coronavirus pandemic.

Here’s what you need to know about the scheme.

Help to Grow: Management programme

The 12-week “Help to Grow: Management” programme – starting this June – will be delivered by leading business schools and is designed to help business owners develop their strategic skills with key modules covering financial management, innovation and digital adoption.

The programme is 90 per cent subsided by the Government, meaning applicants pay just £750 for the course.

Any UK-based business that has been operating for more than one year, and has between five and 249 employees, can apply.

Help to Grow: Digital scheme

The “Help to Grow: Digital scheme” will offer businesses free advice on technology solutions and discounts of up to 50 per cent on the costs of approved software, worth up to £5,000.

This could include technology that helps businesses build customer relationships and increase sales, make the most of selling online, or manage their accounts and finances digitally.

While almost all businesses can apply for free digital advice, the voucher scheme is only available to businesses that have been trading for more than 12 months, are registered with Companies House, employ between five and 249 workers, and are purchasing approved software for the first time.

To register your interest, visit the Help to Grow website here.

For help and advice with related matters, please get in touch with our expert start-up business team today.

New advice on EU imports customs declarations

New Government advice will help traders submit customs import declarations for non-controlled goods imported from the EU, it has been announced.

The report comes after HM Revenue & Customs (HMRC) wrote to more than 200,000 businesses reminding them of their new tax and customs obligations now that the UK has officially left the EU.

According to the guidance, businesses who have or will import goods during 2021 have two choices when making import declarations: make a full declaration as the goods arrive into Great Britain, or delay their declarations.

Where businesses choose to delay declarations, they must keep an accurate record of what they are importing – such as the date and time of the import, a detailed written description of the goods imported, and the commodity code(s).

A supplementary declaration should then be sent to HMRC within 175 days of the date the goods arrived in Great Britain.

Commenting on the new guidance, Katherine Green and Sophie Dean, Directors General, Borders and Trade, HMRC, said: “We know how hard businesses are working to adapt to the new rules and we want to do everything we can to help and support them to get things right.

“By offering the option to delay import declarations, we are giving businesses more time to prepare in what has been a challenging time for many.”

The guidance comes after the launch of the SME Brexit Support Fund, which offers grants of up to £2,000 to help businesses pay for specialist advice on the new importing and exporting processes.

The cash can be used to source professional advice so your business can “meet its customs, excise, import VAT or safety and security declaration requirements” – meaning the grant could be used to offset some of your accounting costs.

Ms Green added: “There is plenty of support available, with online guidance and the new SME Brexit Support Fund now open, offering grants of up to £2,000 to pay for training or professional advice on adjusting to new customs, rules of origin and VAT rules.”

If you have questions about the new trade rules or need assistance with any tax, VAT or related customs requirements, please speak to our experienced team today.

What are Freeports and how do they help businesses?

Eight new Freeports will create hubs for trade and help “regenerate” communities across Britain, the Queen’s Speech 2021 has confirmed.

But what are Freeports? And how could they help your business?

In this blog, we’ve covered everything you need to know about Freeports.

What are Freeports?

Freeports are trading hubs usually built around shipping ports or airports. Goods brought into freeports will not attract tariffs until they leave the freeport and enter the domestic market, while no duty is payable if they are re-exported. Manufacturers located inside free trade zones may also be exempt from filling out certain customs declarations or levies.

Freeports may also benefit from a range of other reliefs, including business rates relief, capital allowances, research & development tax credits, VAT and excise duty relief, Stamp Duty Land Tax relief, and Employer National Insurance Contributions relief.

Where will the eight new Freeports be located?

As confirmed in the Chancellor’s March Budget, the new Freeports will be located in the following regions:

  • East Midlands Airport
  • Felixstowe and Harwich
  • Humber region
  • Liverpool City Region
  • Plymouth
  • Solent
  • Thames
  • Teesside

What are the benefits of a Freeport?

As they benefit from a range of tax incentives, Freeports may attract new and established businesses and create new jobs and regenerate deprived areas.

Are Freeports banned under EU legislation?

Freeports can be established under European legislation, but the UK has not used the scheme since 2012, when the last British Freeport was closed.

Get expert advice today

For help and advice on related matters, please get in touch with our expert Brexit advisory and international trade team today.

Adapting to flexible and remote working

New flexible working models appears to be gaining momentum as businesses adapt to the changes brought on by the pandemic.

Hybrid working is becoming the norm for an increasing number of businesses, with employees engaged within remote or flexible working growing exponentially during the COVID crisis.

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