Customs reporting service ends soon
HMRC has urged businesses that import and export goods to start preparing to switch to the newer Customs Declaration Service before 30 September 2022. What should affected businesses do?
The Customs Handling of Import and Export Freight system is the reporting platform that was used prior to Brexit. However, it is being wound down. Import declarations will no longer be able to be made on it after 30 September 2022. Export declarations will cease after 31 March 2023. Instead, businesses will have to make declarations via the relatively new Customs Declaration Service (CDS). However, it may not be as simple as just switching over. If the business makes its own declarations, it will need to acquire specialist software to use the CDS, and so preparations should begin sooner rather than later. HMRC has introduced a Trader Dress Rehearsal, a simulated CDS that gives businesses the chance to practice using the CDS with no fear of penalty for errors. You can sign up for the CDS here and, once up and running, take advantage of the more modern system, including single platform reporting, and unrestricted electronic access to declarations data.
Related Topics
-
Tax relief on equipment you haven’t paid for (yet)
The timing of tax relief for purchases of equipment isn’t straightforward when payments are delayed or goods are purchased through hire purchase (HP) agreements. How can you use these rules to your advantage and get tax relief before you’ve paid the final invoice?
-
HMRC clarifies summer holiday VAT cut
HMRC has published further guidance on the temporary VAT reduction for certain activities during the school summer holidays. The additional detail helps businesses determine which supplies qualify for the relief and, importantly, which do not. What do you need to know?
-
Electronic VAT return and payment due