UK Businesses Trading Internationally: What You Need To Know

On 27 March 2020, the UK Government published updated guidance for UK businesses trading internationally.

UK businesses

The DIT have a dedicated support website with details of the support offered to UK businesses, international trade and COVID-19.

More guidance is also offered from the Department for Business Energy & Industrial Strategy.

The Government advice helpfully lists and condenses the range of financial measures announced by the government to support UK businesses (including UK subsidiaries of international businesses) in this crisis, including:

• the Coronavirus Business Interruption Loan Scheme (CBILS) is now available through participating lenders for loans of up to £5m under which the Government will make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied charges;
• support for "furloughed" employees - HMRC will pay employers a grant worth 80% of an employee’s usual wage costs, up to £2,500 a month;
• an easing of tax payment obligations.

International supply chains

If your business has international supply chains or is involved in overseas projects that have been affected by COVID-19, then the Department for International Trade (DIT) is offering help and support through its regional offices and global network of business relationships.

Support for exporters

Specific support for exporters can be sought from UK Export Finance (UKEF) such as:

• guaranteeing bank loans to ease cash flow constraints;
• assistance with online marketplaces;
• offering an export insurance policy to help recover costs of fulfilling an order that is terminated by events outside of your business' control;
• UK Export Finance’s direct lending facility has been increased to £8 billion to provide overseas buyers of UK goods and services with financing support in the form of long-term, fixed-rate lending to continue to buy UK goods and services;
• £4 billion of capacity to support UK firms exporting to China, as well as capacity across other markets.

Business travel

The Foreign and Commonwealth Office publishes advice regarding international travel.