The use of CFSP will enable a trader to:
|
- gain accelerated release of goods from Customs at the (air)port or at an inland clearance depot, subject to anti-smuggling checks
- use one or more of the simplified procedures in combination with normal entry and warehouse procedures to suit the needs of a company's business
- achieve cash flow benefits. For example Local Clearance Procedure (LCP) allows a trader to store goods for up to 20 days before release to a Customs procedure or use. This means that within this time the trader can choose the release date (and therefore the tax point date) at the most convenient time for the business
- carry out UK Transit movements under the LCP and apply for a 0% guarantee (waiver), avoiding the need to finance a comprehensive guarantee (except for high risk goods)
- submit most frontier declarations (including UK Transit) and all SDs by electronic means resulting in paperless trading and reduced documentation
- build a partnership with Customs so that assurance visits are cost effective, selected on the basis of risk and test the completeness of internal controls
|
|
