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What are Transitional Simplified Procedures?

This blog is all about TSP which apparently stands for Transitional Simplified Procedures! I mean why give a name so complicated for something that is supposed to be simplified?! Yes – and apologies to those who spotted the image of the TCP bottle and are scratching their heads!

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-and-the-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,  ChelmsfordWanstead, and Saffron Walden or call us at our head office on 020 8989 5147.

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About Jon Pryse-Jones

Since joining THP in 1978, Jon Pryse-Jones has been hands on with every area of the business. Now specialising in strategy, business planning, and marketing, Jon remains at the forefront of the growth and development at THP.

An ideas man, Jon enjoys getting the most out of all situations, “I act as a catalyst for creative people and encourage them to think outside the box,” he says, “and I’m not afraid of being confrontational. It often leads to a better result for THP and its clients.”

Jon’s appreciation for THP extends to his fellow team members and the board.  “They really know how to run a successful business,” he says.  He’s keen on IT and systems development as critical to success, and he continues to guide THP to be at the cutting edge and effective.

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