There’s no escaping the fact that the UK’s impending departure from the European Union will trigger changes for businesses. Despite the conversations about and around the subject, there is still considerable uncertainty about what will actually happen which can make it difficult to plan.
Also known as TSP, these are intended to be a temporary measure to help those UK businesses that import goods from the EU.
Businesses who trade outside of the EU will be well-used to making a full import declaration and paying duty in order for the goods to be released from customs control. If this is you, you can use the same customs agent or software that you normally use to make declarations for your EU-UK trade. Make sure you speak to your agent about any other processes that might be involved.
If you trade with the EU, and no Brexit deal is in place when the UK leaves, you will be expected to apply the same sort of processes to your business that apply for the rest of the world.
Having TSP in place means that you do not have to give as much information on the import declaration straight away, for the goods to cross the border. It also means that you can defer duty payments, which can help with cash flow.
Once EORI and TSP are set up, you will need to make customs declarations. It’s important to get the right information, such as the commodity code, to make sure you are prepared for how much duty or taxes to pay.
The rules on international trade can be very complex, and it’s always a good idea to make sure you know exactly what your business should be doing. Planning ahead will help you to avoid any delays or unexpected costs. It might well be worth considering using a professional who can help you get everything set up, and as things evolve.
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