Weekly tax highlights ― 22 March 2021

Produced by Tolley
Weekly tax highlights ― 22 March 2021

The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:

  • Weekly tax highlights ― 22 March 2021
  • Brexit
  • Brexit support fund for SMEs is now open
  • Import, export and customs for businesses
  • Direct taxes
  • Regulations made to prevent abuse of the CIS set-off process
  • Regulations provide for annual up-rating of social security benefits
  • Regulations set out new automatic enrolment amounts for workplace pensions
  • HMRC managing pension schemes service newsletter-March 2021
  • Freeports bidding prospectus
  • More...

Brexit

Brexit support fund for SMEs is now open

HMRC has announced that the Brexit support fund for small and medium sized enterprises (SMEs) is now open for applications. SMEs can apply for a grant of up to £2,000 to support them while adapting to new rules on trading with the EU. Any UK business with fewer than 500 employees that imports or exports goods between Great Britain and the EU, or moves goods between Great Britain and Northern Ireland, is encouraged to apply. Applications must be submitted by 30 June 2021.

Speaking about the fund, Directors General of Borders and Trade at HMRC, Katherine Green and Sophie Dean, said: ‘We recognise that changes to customs rules have been challenging for small and micro businesses, and this is why we are encouraging business owners to apply for support through the SME Brexit support fund.’

Import, export and customs for businesses

HMRC has updated the following guidance in relation to imports, exports and customs requirements for businesses:

  1. Attending an inland border facility ― updated with information on Holyhead Interim Inland Border Facility in Ashford, plus confirmation that Waterbrook inland border facility is closing. It will only open to serve as a contingency site for Sevington site when this site is closed

  2. Declare commercial goods you’re taking out of Great Britain in your accompanied baggage or small vehicles ― updated vehicle information in the ‘before you start’ section

  3. Bringing commercial goods into Great Britain in your baggage and Taking commercial goods out of Great Britain in your baggage ― updates for date for when businesses will need to submit a full customs export declaration to HMRC

  4. Using CHIEF for declaring goods into or out of Northern Ireland and Check if you can declare goods you bring into Northern Ireland not ‘at risk’ of moving to the EU ― updates on how to make a declaration for goods in CHIEF into and out of Northern Ireland, and how to apply for authorisation

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