Less than 10% of the 240,000 UK firms expected to require a Transitional Simplified Procedures (TSP) scheme post-Brexit have applied for it. TSP will enable UK firms to avoid filling out new customs declarations when importing European goods and to delay paying import duties by one year. UK companies that have never traded outside of the EU will need to obtain an Economic Operator and Registration Identification (EORI) status before applying for a TSP. The government has also announced plans to simplify VAT rules in order to make it easier for small businesses to sell their products across Europe.
Less than 10% of the 240,000 UK firms expected to require a Transitional Simplified Procedures (TSP) scheme post-Brexit have applied for it. TSP will enable UK firms to avoid filling out new customs declarations when importing European goods and to delay paying import duties by one year. UK companies that have never traded outside of the EU will need to obtain an Economic Operator and Registration Identification (EORI) status before applying for a TSP. Less than one third of firms expected to need a TSP have registered for EORI status, which only takes 10 minutes, according to HMRC.