HMRC opt 95K firms into ‘No Deal’ import process
HMRC has registered 95,000 businesses into its Transitional Simplified Procedures, designed to simplify post-Brexit imports and allowing up to 6 months to pay duties and submit customs declarations, if the UK leaves the EU without a deal on 31 October 2019.
Transitional Simplified Procedures (TSP) incorporates easements that 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. To prevent congestion at the border when goods enter the UK, and to simplify importing, particularly for businesses that would be completing customs processes for the first time.
Up to now, businesses have had to apply to use the scheme, but with only 25,000 registering, HMRC has taken action to extend its reach to some 95,000 operators.
The government move to automatically enrol VAT-registered businesses that import from the EU into the TSP scheme may confuse businesses that are new to customs processes. You can speak with our experts to get a thorough explanation of TSP and how you would operate it.
Businesses registered for TSP are UK-based traders that HMRC has a record of having imported goods from the EU in 2018.
HMRC has sent letters to these traders with further details of their TSP registration.
We recommend checking the new Brexit tariff to check if your goods attract tariffs. If they do you can use our deferment for clearance, which means you will be ready for 31 October.