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THE LEADING BODY REPRESENTING
THE UK INTERNATIONAL FREIGHT SERVICES INDUSTRY
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2018 Budget - Changes to AEO and Trusted Trader

The budget as delivered last week contains a number of references important for businesses involved in international trade.

Below you will find a brief summary:

  • HMRC will halve the time it takes to become an Authorised Economic Operator (AEO) or other type of customs trusted trader, from 120 days to 60 days.
  • Trusted trader status will offer a range of benefits – making trade across borders quicker, cheaper and easier for business.
  • Trusted trader authorisations include:
    • Customs Freight Simplification Procedures (allowing traders to use a simplified customs declaration upfront);
    • Duty Deferment Accounts and Customs Comprehensive Guarantees (allowing traders to defer payments to HRMC which benefits cashflow); and
    • Authorised Economic Operators (allowing traders a range of benefits including a 70% reduction in the cost of guarantees and fewer physical and document based controls, making trading much simpler and cheaper).
  • HMRC will implement the improvements within 2 years, including:
    • Additional dedicated staff to process authorisations for traders;
    • Combining authorisation processes to limit the need for multiple applications;
    • Better guidance on gov.uk that sets out which authorisations are most relevant for your business;
    • Digital validation checks to remove initial errors in applications; and
    • Streamlining processes so traders only have to provide data once.

 

 



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