- November 29, 2019
- Posted by: STERLING FINANCE
- Category: Accountant Manchester, HMRC, Tax Saving Accountant
HMRC has announced simplified procedures for business importing from EU as part of its no deal Brexit preparation. Letters have been sent to 145,000 VAT registered business trading with the EU with procedures and actions they will need to take.
These transitional simplified procedures will make importing easier for an initial period for one year, should we leave the EU without a deal, to allow the business to get used to the usual import duties.
Transitional Simplified Procedures (TSP)
HMRC anticipate TSP will remain in place for more than a year to give businesses time to prepare to use the full customs processes that already apply to imports from non-EU countries. HMRC will review the policy 3 to 6 months after it’s introduced on 29 March 2019 to see how it’s working.
They will consult with businesses and give them at least a 12-month notice period before withdrawing the easements in TSP and applying the usual customs processes to imports from the EU. This will give businesses enough time to prepare. Businesses can register for TSP from 7 February 2019.
Businesses can register for TSP if they:
- have an EORI number
- are established in the UK
- are importing goods from the EU into the UK
Get an EORI number
You will need an EORI number to move goods into or out of the EU (including the UK). If you do not get one, you may have increased costs and delays. For example, if HM Revenue and Customs (HMRC) cannot clear your goods you may have to pay storage fees.
Before you appl
To apply you may need the following:
- VAT number and effective date of registration – these are on your VAT registration certificate
- National Insurance number – if you’re an individual or a sole trader
- Unique Taxpayer Reference (UTR)
- business start date and Standard Industrial Classification (SIC)
- Government Gateway user ID and password
Apply for an EORI number
It takes 5 to 10 minutes to apply for an EORI number. You’ll get it either straight away or within 5 working days.
The EORI number is crucial. Once we leave the EU you will need this number to trade. It only takes 10 minutes to apply. For any more information contact us on 0161 339 4989 or email email@example.com.