The following Value Added Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
This guidance note provides details of what criteria and conditions need to be satisfied before a business can be approved to use the Customs Freight Simplified Procedures (CFSP). This note should be read in conjunction with the Customs Freight Simplified Procedures (CFSP) - declarations guidance note.
Further information on the terms used in this note can be found in the Customs - commonly used terminology guidance note.
EU legislation allows EU countries to offer Simplified Procedures and CFSP has been introduced in the UK to provide greater flexibility to businesses importing non-EU goods into the EU by locating fiscal and statistical controls inland. CFSP can assist with faster clearance of goods and in some cases provide cash flow benefits, see below.
Administrative controls at the border are minimised in order to reduce the time taken to clear goods into the EU. CFSP is intended to enhance compliance by improved targeting and greater use of systems based audit techniques.
For the vast majority of goods imported using CFSP, most of the customs formalities will be undertaken post-clearance inland rather than on entry at the frontier. All goods imported using CFSP will be subject to the same anti-smuggling, prohibition and restriction checks as goods that enter using standard procedures.
Further information regarding CFSP can be found on the GOV.UK website.
These are some of the main advantages of using CFSP:
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