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An Introduction to Customs Warehousing, CFSP and other Customs Special Proc...

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Durham County Cricket Club

Royal Carribean Lounge (Tower 3)

Chester-le-Street

DH3 3QR

United Kingdom

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No Refunds

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An Introduction to Customs Warehousing (CW), Customs Freight Simplified Procedures (CFSP) and other Customs Special Procedures

Event 16th January 2019

Time: 1pm start - 4.00pm

Venue: Durham County Cricket club, Chester le street (Royal Carribean Lounge, Tower 3)

Cost: £50 + VAT Standard and Non-members

(Free to North East England Chamber Global members – 2 places per company)

We are delighted to announce that John Griffiths, the local HMRC International Trade Development Liaison Officer (ITDLO), is our guest presenter for the 2nd seminar in a series of presentations on Customs Special Procedures.

This half day seminar will feature an explanation of Customs Special Procedures and then focus on Customs Warehousing and CFSP.

This event is essential for those exporting/importing businesses, freight forwarders, and customs agents who need to be aware of the current customs facilitations available to them now in order to help them prepare for Brexit.

Customs warehousing

The customs warehousing regime allows a business to import non-EU goods and suspend the duty and VAT while the goods are stored in the warehouse (often an area within your own premises approved by HMRC).

If the goods are exported outside of the EU, then duty and VAT are not payable. Evidence of export will be required however. If the goods are sold to customers within the EU then duty will be paid in the UK and VAT, if applicable, can be accounted for in the UK or the country of destination.

CFSP

Administered by HMRC, Customs Freight Simplified Procedures (CFSP) is an electronic customs system for imported third country goods. It allows faster release of goods from countries that are not members of the European Community at the frontier or inland, the use of simpler customs declarations and cashflow benefits to importers.

There are two CFSP procedures:

  • the Simplified Declaration Procedure (SDP) - used for releasing goods at the frontier to most customs procedures and which may be useful if you’re importing perishable goods
  • Entry in the Declarant’s records (EIDR), formerly known as Local Clearance Procedure (LCP) – a declaration is made in the Trader’s records rather than directly to HMRC releasing them to a customs procedure

Customs warehousing, CFSP and the EU

Currently goods purchased from within the EU are mostly in free circulation and not subject to import duty (with a few exceptions), so when the UK leaves the EU and the UK becomes a 3rd country, import duty and VAT may become applicable to these goods. After the UK leaves the EU, a UK importer that is authorised to use customs warehousing could suspend duty and VAT at the UK border and enter their imported EU goods into their warehouse system. This can have major cashflow benefits as duty only becomes due when the goods are removed from the warehouse to be used in the UK. It isn’t payable at all if the goods are exported out of the UK.

A business authorised for CFSP procedures would have the ability to have their goods released more quickly.

This is the second of a series of events on customs procedures – look out for inward processing on 29th January 2019.

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Date and Time

Location

Durham County Cricket Club

Royal Carribean Lounge (Tower 3)

Chester-le-Street

DH3 3QR

United Kingdom

View Map

Refund Policy

No Refunds

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