No! TSP not TCP!

TCP is a mild antiseptic, produced in France by Laboratoires Chemineau in Vouvray and sold in the United Kingdom by Omega Pharma.

It was first introduced in 1918 and its distinctive overbearing medicinal odour sticks in one’s memory for a very long time. In fact it reminds many of us oldies of wasp stings in our childhoods.

TCP or transmission Control Protocol is also one of the main protocols in TCP/IP networks and enables two computer hosts to establish a connection and exchange streams of data.

But this blog isn’t about TCP at all – it’s about TSP which apparently stands for Transitional Simplified Procedures!

But no doubt you already knew about TSP? No? Read on.

HMRC have issued a letter to VAT registered traders that either export or import goods to and from the EU. They are introducing new Transitional Simplified Procedures (TSPs) for customs purposes.

For importers the text says:

HMRC is introducing new Transitional Simplified Procedures (TSP) for customs, to make importing easier for the initial period after the UK leaves the EU, should there be no deal.

Once you’re registered, you’ll be able to transport your goods into the UK without having to make a full customs declaration at the border and you will be able to postpone paying your import duties. However, for controlled goods you will have to provide some information before import:

 

For further guidance, including which ports TSP applies to, please go to www.gov.uk/hmrc/eu-simple-importing. 

They also underlined how to make customs declarations in the event of a no-deal Brexit. They are:-

You will be responsible for making customs declarations for your UK-EU trade in a no deal scenario. Many businesses find the simplest way to make customs declarations is to appoint a customs agent to manage the process for them.

 So that you are ready you should now: 

  • register for your Economic Operator Registration and Identification (EORI) number if you haven’t done so already at gov.uk/hmrc/get-eori.

 

Then:

  • if you want to make declarations through a customs agent, appoint one as soon as possible. If you cannot appoint an agent, or do not think this is the right solution for your business and if you intend to import or export regularly, you should now
  • make sure someone in your business is trained to make customs declarations
  • buy specialist software that links to HMRC’s customs systems
  • if you’re exporting, register for the National Export System at gov.uk/guidance/export-declarations-andthe-national-export-system-export-procedures

For further information, go to www.gov.uk/hmrc/trade-with-the-eu .

As the political process grinds to an, as yet, unresolved conclusion, we recommend that importers and exporters to the EU take a close look at the links embedded in this article and act as appropriate.

Business Advice with THP

Looking for business and accounts advice, whether you need help with tax planningpayroll, VAT return, or any other accountancy service just come and visit us at one of our offices in Cheam,  ChelmsfordWansteadSaffron Walden and London City or call us at our head office on 020 8989 5147.

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