HMRC has released new guidelines for businesses outlining the key steps for switching to the Customs Declaration Service (CDS).
The CDS will permanently replace the Customs Handling of Import and Export Freight (CHIEF). The CDS is a more modern IT platform in line with the United Kingdom government’s ambitious expectation of establishing the most efficient customs system in the world by year 2025.
Many companies with a UK VAT identification number are already benefiting from the new CDS system by taking advantage of Postponed VAT Accounting (PVA). This system lets them avoiding the payment of import VAT when goods are imported into the UK through a reverse charge mechanism in their periodical UK VAT return.
Source Taxmen
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