Customs’ Flexible Accounting System
HMRC have issued an updated copy of the Customs Flexible Accounting System notice. The notice concerns how to pay for charges due on imported goods using the immediate payment Flexible Accounting System (FAS).
FAS can be used to pay import VAT, Customs Duty, Excise Duty and other charges due at clearance by immediate payment. Approval for FAS is automatic but is limited solely to businesses that are classified as Direct Trader Input (DTI) agents and which process import entries through a computer terminal linked to HMRC’s Customs Handling of Import and Export Freight (CHIEF) system.
The notice has been updated to include information on e-delivery of the monthly statement which will be provided to all users who submit a valid email address.
The monthly statement contains the following information:
- summary of trader account
- payments and payment deletions
- withdrawals and withdrawal deletions
- duty adjustment credits and deletion contra debits
- duty adjustment debits and deletion contra credits
- cleared entries
- cleared entries with MCD method of payments