UK Automatically Registers Importers for Transitional Simplified Procedures for Imports From EU
Nearly 100,000 companies in the United Kingdom have now been automatically registered to use that country’s Transitional Simplified Procedures if there’s a no-deal Brexit on Oct. 31, U.K. HM Revenue & Customs said in a press release. TSP simplifies procedures importing, and make it especially easier for companies completing customs procedures for the first time, but up to now only about 30,000 had applied. Among the benefits of TSP are a six-month period to submit customs declarations and pay customs duties after importing goods from the European Union. “This will prevent congestion at the border when goods enter” the U.K., HMRC said.
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“The government has chosen to automatically enroll VAT-registered businesses that import from the EU into the TSP scheme as it is the best option for businesses that are new to customs processes and haven’t yet appointed a customs agent,” it said. HMRC said the automatically enrolled companies are those that had a record of importing goods from the EU in 2018. The companies still need to get a duty deferment account to take advantage of TSP, it said.
Under TSP, traders can choose to delay making declarations until May 6, 2020, giving them more time to get used to new processes, HMRC said. “If they choose to delay making declarations until 6 May 2020, payment for the duties they owe will be taken by direct debit on 15 May 2020. Traders should prepare to account for the import VAT on imports on their normal VAT return,” it said.