Tariffs will be cut to zero on 87% of imports as part of a temporary…
HMRC subscribes 95,000 firms to No-Deal import procedures
Designed to simplify importing if the UK leaves the EU without a deal, Transitional Simplified Procedures (TSP) arrangements become active from the leaving date
In a move reminiscent of the recent enrolment of 90,000 firms in the critical customs EORI system, HM Revenue and Customs (HMRC) has automatically subscribed 95,000 businesses to its simplified TSP import procedures.
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The scheme, known as Transitional Simplified Procedures (TSP), will make importing after Brexit on 31 October much simpler, particularly for businesses that would be completing customs processes for the first time, allowing most traders up to 6 months to pay import duties and submit customs declarations, if the UK leaves the EU without a deal
Up to now, businesses have had to apply for it, but with just 30,000, registering the government has elected to take the initiative in actively subscribing firms, so that they can continue trading with the EU after Brexit.
This TSP scheme will allow most businesses up to 6 months to send in customs declarations and pay any customs duties to HMRC after importing goods from the EU. This will prevent congestion at the border when goods enter the UK.
The government’s top priorities at the border, is to be keeping trade flowing and minimise the potential for disruption. Automatically registering companies for TSP at the border means less demand on time and resources in the event of a ‘no-deal’ exit.
In particular, it would help the thousands of UK firms who import from the EU but have little experience of dealing with customs processes for 3rd country movements.
Importers do not have to use TSP, they still have the option to use full import processes instead. We can provide full details of options based on individual situations.
In these changing circumstances importers should:
Check the new Brexit tariff, so ascertain what tariffs will apply to their goods after Brexit
If duty is payable importers can set up their own deferment account, or use Unsworth’s
Keep customs records of all the goods they import from the date the UK leaves the EU
Prepare to make monthly declarations to HMRC
Prepare to account for the import VAT on imports on their normal VAT return
Traders can choose to delay making declarations until 6 May 2020