As of 1 January 2021, HMRC is allowing businesses to defer entry of their Customs declarations on goods imported or exported for up to six months. In essence this will maintain the security of the supply chain during what promises to be a period of upheaval for businesses which trade with EU partners.
When considering this, the most important consideration is whether the deferring of the declarations works for your commercial business. Businesses will still be required to input all the relevant information from your records into your commercial systems at the time of the transaction, however it allows them to continue importing business critical goods without incurring potential delays while setting up the new process.
For businesses interested in this option, there are a number of factors to bear in mind, including EORI, controlled goods, VAT requirements, records and timescales, as Bethan Customs Consultancy explains. Read more…
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