Have You Registered For Simplified Import Procedures?
As 31 October approaches, there is a strong possibility that the UK is heading towards a No-Deal Brexit and all that this might entail.
While there is still no certainty around what Brexit will mean, businesses may want to consider setting up a duty deferment account.
We have collated a series of 5 short articles which cover the areas that should be considered and provided useful links for further reading.
In this final article we ask:
Have you registered for simplified import procedures?
Consider if you could benefit from simplified import procedures.
They mean you may not need to settle VAT and duties (if any) on imports immediately at port.
To defer customs duties, excise duties or import VAT businesses will need a duty deferment account.
VAT registered businesses do not need a deferment account for import VAT if they’re accounting for it on their VAT Return.
Businesses using a HMRC authorised customs agent to import can use “customs freight simplified procedures”.
Business choosing to import without a customs agent may be able to either:
- Use “transitional simplified procedures”, or
- Get HMRC authorisation to use “customs freight simplified procedures”.
Transitional simplified procedures are simple measures to make importing as easy as possible. They enable goods to be transported into the UK without having to make a full customs declaration in advance.
Businesses will need to register themselves to use them and will need to have a duty deferment account. Once registered, an agent can make declarations on the businesses behalf.
There are a range of other customs procedures that businesses may be able to benefit from.
Useful links: