Customs freight simplified procedure (CFSP) guarantees for import deferred to 30 April 2020

Mon 18 Nov 2019

HMRC has issued a note on using simplified declarations for imports.

Under the simplified procedure, the first part of the import declaration does not need as much information as a full declaration. When the first part has been approved, the importer’s goods can be cleared through customs. It will still be necessary to give customs more information, but it can be submitted later in a supplementary declaration. This lets customs work out the VAT and duty to pay.

The simplified procedure requires the setting up of a duty deferment account, which requires a financial guarantee. The note indicates this financial guarantee in respect of duty deferred only has to be in place by 30 April 2020.

There are a number of other procedures required to operate CFSP. Please get in touch with r a member of the Mazars indirect tax team for a further discussion of how this affects your business.