TSP to be extended in Brexit delay drama, says HMRC

Transitional Simplified Procedures (TSP) will be extended in light of the decision to delay Brexit, a report has revealed.

The TSP scheme was announced earlier this year in a bid to help businesses prepare for import processes should the UK leave the EU without a deal.

Under the scheme, companies who import goods from the EU into the UK will be able to do so without making full customs declarations at the border or pay import duties straight away.

However, in response to the decision to delay Brexit until at least April, the Government has today announced an extension of the date when the first supplementary customs declarations must be submitted, to at least 04 October 2019. This also applies to any import duties that must be paid.

In the same announcement, the Government also revealed that it would make TSP available “at all UK ports of the UK leaves the EU without a deal”.

In order to use TSP, businesses will first need to register for an Economic Operator Registration and Identification (EORI) number if they do not already have one. The EORI number will allow businesses to continue trading with the EU.

Commenting on the announcement of TSP earlier this year, Treasury Minister, Mel Stride, said while leaving the EU with a deal remains the Government’s “top priority”, it must plan for every eventuality.

“Businesses and citizens should ensure they are similarly prepared for leaving the EU,” said Ms Stride.

“HMRC is helping businesses get prepared and, amongst other significant communications, has written 3 times to affected businesses, each time stepping up the advice and encouraging them to take action.

“This latest letter, and new GOV.UK guidance, announces Transitional Simplified Procedures for EU trade which will ease the transition, especially for businesses new to the rules associated with importing.”

Find all of the Government’s letters on no-deal Brexit advice for businesses here. For help and advice, please do not hesitate to get in touch.

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Posted in Business.