HMRC have published a brief relating to the VAT treatment of conversions of non-…
Areas of assistance for importers and exporters
In relation to businesses which import and export, there are a number of areas where we can help. In addition, please visit our sister brand, www.thecustomspeople.co.uk, for further details on how we may help, both on importing & exporting, as well as our AEO consultancy offering.
Customs duty and import VAT – non-EU imports
If a business is importing goods from non-EU countries there are three broad areas of compliance and opportunity:
- Facilitation Schemes
- Commodity Codes of Goods Imported
- Valuation of Imports
There are a number of schemes available that provide cash flow as well as actual duty and import VAT savings. Contact us for further details of these schemes.
Valuation & commodity codes
It is very important that importers act in a proactive manner since they are the responsible party for the information declared.
To that end it is imperative that the importer is actively involved in both determining and advising the correct values and commodity code descriptions, (these determine duty rates), to ensure that neither underpayments nor over payments of duty and import VAT occur. Both kinds of error can significantly affect profitability in a negative way.
In addition, HM Customs & Excise have recently introduced (potentially) stringent civil penalties in respect of import declarations, so compliance now has an added dimension to it.
As a result, The VAT People can provide proactive advice in determining the correct values for duty and VAT purposes (the rules being complex in some instances), as well as assisting in the establishment of the most appropriate and beneficial commodity codes.
EU imports and VAT
In addition to non-EU imports, there are particular VAT and statistical reporting (Intrastat) rules that mean all intra-EU transactions need to be considered in a proactive manner.
There are a number of compliance issues that you need to be aware of – they can also provide opportunities for pro-active planning.
We are happy to discuss any issue regarding customs duty, excise duty or VAT (import or general) on an initial free, no obligation basis.
Authorised Economic Operator (AEO) status
In addition to assistance on Customs matters, we can also provide advice, guidance and assistance on how to obtain AEO accreditation. AEO is an international kite mark which is becoming ever more important for the following businesses:-
- logistics firms
There are some real benefits from AEO accreditation and we can help businesses decide whether it is for them. More in depth details regarding AEO can be found at www.thecustomspeople.co.uk