HMRC to give importers no-deal Brexit 'breathing space'

17 Oct 2019

HMRC intends to give importers up to six months to submit customs declarations and pay import duties in the event of a no-deal Brexit on 31 October.

HMRC says the new rules have been designed to 'ease congestion if the UK leaves the EU without a deal'.

Previously, businesses have had to apply for the Transitional Simplified Procedures (TSP) scheme. HMRC has now automatically registered 95,000 more VAT-registered businesses that import from the EU. The tax authority says this will make importing after Brexit simpler.

TSP arrangements will become active if the UK leaves the EU without a deal, from the date of its departure. Businesses using the TSP scheme will still have to check if their goods attract tariffs and obtain a Duty Deferment Account if they do.

Commenting on the scheme, HMRC's interim CEO, Jim Harra, said: 'We are doing everything we can to help businesses get ready for Brexit on 31 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 (BCC), added: '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 TSP at the border means one less immediate demand on traders' limited time and resources in the unwanted event of a no-deal exit.'

Register for our newsletter

Once a month we'll send you an email packed full of essential business news and handy tax tips to help save you money.

Register

Weston-super-Mare

34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

01934 415022

Cheddar

Bath Street
Cheddar
Somerset
BS27 3AA

01934 743274


Home | Contact us | Accessibility | Disclaimer & Privacy Policy | Help | Site map |

© 2020 Four Fifty Partnership. All rights reserved.

We use cookies on this website, you can find more information about cookies here.


Registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales. Details about our audit registration can be found at auditregister.org.uk under the reference C001092613.

"four fifty partnership" is a trading name of Four Fifty Partnership Limited. Registered in England. Company Number 5032008. Registered Office 34 Boulevard, Weston super Mare, Somerset BS23 1NF.

Directors: Richard Acreman BSc CTA, Joy Boswell FCCA FCA, Peter Ison BA FCA and Nick Gravell FCCA FCA.

Professional Indemnity Insurers: Nexus Underwriting Limited 52-56 Leadenhall Street, London EC3A 2EB (Policy Number: BC6210PIA194). The territorial coverage is worldwide excluding professional business carried out from an office in the United States of America or Canada and excludes any action for a claim brought in any court in the United States of America or Canada.