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16 October 2019
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News
HMRC has automatically registered 95 000 businesses for simplified import procedures. The scheme known as transitional simplified procedures (TSP) will go live in the event of a no-deal Brexit.
Under the scheme importers will be able to:
- import goods into the UK without having to make a customs declaration at the border in most cases by quoting their Economic Operator Registration and Identification (EORI) number (HMRC having auto-enrolled 88 000 UK VAT registered businesses with EORI numbers); and
- submit an electronic customs declaration to HMRC containing details of the goods imported up to six months after importing them.
The government has also set out plans for businesses to pay import VAT through their VAT returns with a scheme already in place for customs duties to be paid after importation has taken place.
Caroline Barraclough partner and leader of Deloitte’s Global Trade Advisory team commented: ‘HMRC’s move to register...
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