The following Value Added Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
Customs Freight Simplified Procedures (CFSP) enable authorised businesses to obtain accelerated removal or release of non-EU (third country) imports by submitting an electronic simplified declaration that contains the minimum amount of information required at the frontier or inland border. Using CFSP can have cash flow benefits for importers. CFSP is not compulsory but may prove beneficial. CFSP is also referred to as Simplified Import Procedures. This note should be read in conjunction with the Union Customs Code ― CFSP ― declarations guidance note.
This guidance note covers the rules that are applicable since the introduction of the Union Customs Code (UCC) from May 2016. For the procedure prior to this date, see the CFSP ― authorisation criteria and conditions and Customs Freight Simplified Procedures (CFSP) ― declarations guidance notes.
Please note that CHIEF is being replaced by the Customs Declaration Service (CDS), see the Customs Declaration Service guidance note.
According to HMRC, using CFSP has the following advantages:
•“gain accelerated release of your goods from Customs at the (air)port or at authorised locations inland, subject to anti-smuggling checks•use CFSP in combination with normal entry and warehouse procedures to suit the needs of your business•achieve cash flow benefits ― the duty and Import VAT are not paid until the Supplementary Declaration (SD) is submitted•submit frontier declarations and all SD by electronic means•build a partnership with us so that assurance visits are cost effective, selected on the basis of risk, and test the completeness of internal controls•use third-party service providers
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login