Friday, May 29, 2020

HMRC signs up 95,000 businesses to simplified import procedures

HMRC has automatically registered 95,000 businesses for its simplified import procedures allowing most traders up to 6 months to pay import duties and submit customs declarations, if the UK leaves the EU without a deal at the end of October.

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. Up to now, businesses have had to apply for it – over 30,000 had previously registered.

This TSPscheme will allow most businesses up to 6 months to send in customs declarations and pay any customs duties to HMRCafter importing goods from the EU. This will prevent congestion at the border when goods enter the UK.

The government has chosen to automatically enrol VAT-registered businesses that import from the EUinto the TSPscheme as it is the best option for businesses that are new to customs processes and haven’t yet appointed a customs agent. Businesses that are not registered for VATshould apply for the scheme if it would benefit them.

HMRC Interim CEO Jim Harra said: “We are doing everything we can to help businesses get ready for Brexit on 31st October. This move will support the trade of thousands of businesses and is part of our longstanding policy of making sure we continue to keep trade flowing.”

Dr Adam Marshall, Director General of the British Chambers of Commerce, said: “At a time of change, the top priorities at the border have to be keeping trade flowing and minimising the potential for disruption.

“Automatically registering companies for TSPat the border means one less immediate demand on traders’ limited time and resources in the unwanted event of a ‘no-deal’ exit.

“In particular, it would help the thousands of UK firms who import from the EUbut have little experience of dealing with customs processes. We are pleased that ministers have again listened to BCC’s calls to reduce the number of administrative hoops businesses will need to jump through as they navigate major changes to the way they trade across borders.”

Businesses registered for TSPtoday are UK-based traders that HMRChas a record of having imported goods from the EUin 2018.

HMRChas sent letters to these traders with further details of their TSPregistration, and they only have to take a few simple extra steps – such as checking if their goods attract tariffs, and getting a Duty Deferment Account if they do – to make sure that they are ready for 31st October.

Importers do not have to use TSP: they still also have the option to use full import processes instead. However, HMRCstrongly advises traders new to dealing with customs to take advantage of the benefits of TSP.

Help us maintain our standards of journalism

Readers across the region enjoy our news site but keeping our news up to date and authoritative, without charging readers to view the site is a challenge. Especially now with the Corona Virus measures affecting us all, as many clients have been severely affected and are naturally reducing their spend on advertisements. Given this lack of revenue stream we are calling on the generosity of our readers to help us fill that void and enable our journalists to continue delivering the news that you enjoy.

Unlike many other news sites, we don't have annoying pop ups or charge scandalous prices for events. We also produce printed magazines for each title and we make these freely available to read on line too, for your enjoyment. Often, people have asked why we don't make a charge for viewers to read these magazines and news stories but we feel that would adversely affect our readership/advertisers response rate. But with advertising revenues now severely affected we need your help. So, if you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs from just £33.60 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the current storm and continue in our quest to deliver quality journalism.

We value your readership and your support, as this enables us to continue to provide our regular daily news updates. We've been established over 30 years, during which we've lost count of the numerous recessions and financial meltdowns, and we intend to weather the storms caused by Covid-19. So, every reader contribution, however big or small, is invaluable in helping us to get through this. Please click here to help support your favourite news site/magazine.






Latest news

East Midlands attracts lowest levels of Foreign Direct Investment (FDI) in four years, reveals new report.

Derby and Nottingham attracted lowest levels of Foreign Direct Investment (FDI) in four years despite ranking 13th and 18th respectively in the Top-20 best...

Tinkers Lock duplex apartment proposal for Trent Bridge Quays development

The company behind the development of luxury apartments and townhouses at Trent Bridge Quays and former Muller Yard Meadow Lane in Nottingham has revealed...

Derby company wins major railway and infrastructure award  

Composite Braiding, a manufacturing firm which specialises in thermoplastic composite braiding technology, has won a major accolade at the JEC Composite Innovation Awards 2020. The...

Business confidence in East Midlands drops for fourth consecutive month

Business confidence in East Midlands fell 20 points during May to -42%, according to the latest Business Barometer from Lloyds Bank Commercial Banking. Companies in...

Strategic appointment at Air IT

East Midlands based Managed Service Provider (MSP), Air IT have appointed industry veteran, Mark Whitehead in a new role as Sales Director. The new appointment...

Related news

The FSE Group announces new Head for £40million MEIF Debt Fund and CBILS accreditation

New accreditation will now allow The FSE Group to issue loans from the Midlands Engine Investment Fund (MEIF) Debt Fund backed by a Coronavirus Business...

East Midlands attracts lowest levels of Foreign Direct Investment (FDI) in four years, reveals new report.

Derby and Nottingham attracted lowest levels of Foreign Direct Investment (FDI) in four years despite ranking 13th and 18th respectively in the Top-20 best...

Tinkers Lock duplex apartment proposal for Trent Bridge Quays development

The company behind the development of luxury apartments and townhouses at Trent Bridge Quays and former Muller Yard Meadow Lane in Nottingham has revealed...

Derby company wins major railway and infrastructure award  

Composite Braiding, a manufacturing firm which specialises in thermoplastic composite braiding technology, has won a major accolade at the JEC Composite Innovation Awards 2020. The...

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close