Current state of the art devices for detecting and manipulating Majorana fermions commonly consist of networks of Majorana wires and tunnel junctions. We study a key ingredient of these networks - a topological Josephson junction with charging energy - and pinpoint crucial features for device implementation. The phase dependent tunneling term contains both the usual 2pi-periodic Josephson term and a 4pi-periodic Majorana tunneling term representing the coupling between Majoranas on both sides of the junction. In non-topological junctions when the charging energy is small compared to the Josephson tunneling scale the low energy physics is described by 2pi phase slips. By contrast, in a topological junction, due to the 4pi periodicity of the tunneling term it is usually expected that only 4pi phase slips are possible while 2pi phase slips are suppressed. However, we find that if the ratio between the strengths of the Majorana assisted tunneling and the Josephson tunneling is small, as is likely to be the case for many setups, 2pi phase slips occur and may even dominate the low energy physics. In this limit one can view the 4pi phase slips as a pair of 2pi phase slips with arbitrarily large separation. We provide an effective descriptions of the system in terms of 2pi and 4pi phase slips valid for all values of the tunneling ratio. Comparing the spectrum of the effective models with numerical simulations we determine the cross-over between the 4pi phase slip regime to 2pi phase slip dominated regime. We also discuss the role of the charging energy as well as the implications of our results on the dissipative phase transitions expected in such a system.
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