Are you eligible for Transitional Simplified Procedures (TSP)?
TSP is a government scheme to simplify importing goods into the UK from Europe, or through Europe from the rest of the world.
This is particularly significant should the UK leave the EU with a no-deal Brexit trade deal. TSP could have a massive impact, positively, on your business if you trade with the EU. If the UK leaves the EU without a deal then the importing of goods will need to follow the same rules and regulations as if trading with the rest of the world.
Therefore it is vital that qualifying SME businesses apply for TSP status to make things easier and simpler. Applications for TSP are easy, quick and free.
Fact: HMRC has already written to over 145,000 businesses trading in the EU yet only 10% have applied.
TSP Benefits & Advantages
The benefits of being TSP will be invaluable to businesses if there is no deal.
- It will mean businesses can continue to import goods, from or through the EU, without making full custom declarations at the border.
- Neither will a business have to pay import duties immediately - custom declaration payments can be delayed for 6 month after the UK leaves the EU.
The Government has extended its deadline for businesses to submit their custom declarations until 4th October 2019 for any imports up until 30th September, with payments deferred for 6 months, in a bid to make more eligible businesses register for the TSP scheme.
Question: Are you one of the 90% who hasn’t registered for TSP yet are entitled to? More details on your eligibility can be found on the Gov.uk site.
Qualifying businesses must have...
- A UK EORI* number, or EORI number that starts with GB.
- A resident sole trader in the UK.
- Your company has a registered address in the UK.
- The UK must be your company’s permanent place of business, carrying out their business activity here.
- Importing goods from the EU, or passing through the EU from the rest of the world having cleared all EU custom’s official procedures.
* Economic Operator Registration and Identification: To trade with the EU, should the UK leave without a deal, businesses will be required to have an Economic Operator Registration and Identification number. It takes about 10 minutes to apply online for your EORI number.
Register for TSP
When applying TSP make sure you have the following information:
- Your UK EORI or EORI (starting with GB) number.
- Your VAT registration number (if applicable).
- Your company name.
- Your UK company registered address.
- Your contact details.
You can register for TSP status on the Gov.uk website.