New to Importing or Import Procedures?
Tax, duties and the Customs declaration are key factors that will affect your bottom line and how you engage with Customs.
How much tax will you incur? This is not as straightforward as it seems. Goods that are brought into the EU from Non EU countries are called “Imports”. Goods from other EU states entering the UK are known as “Intra-community movements” and require statutory statistical data reporting.
The amount of tax you pay on your imported goods is a direct cost to your business, cash flow projections and selling prices. The taxes may include an element of duty based on the kind of item you are importing and how Customs classify it. There may be additional items to pay such as anti-dumping duty, a Common Agricultural levy (CAP) or even excise duty.
The use of specialist agreed regimes and reporting (of which there are many) may alleviate some or all duty (Customs Planning), but you will however have to pay VAT on the value of the goods, any duty amount incurred and any inland costs, such as transport.
Having the correct paperwork is essential. There are various factors that can influence the type of paperwork required such as the originating country, or where the goods are manufactured, grown or extracted. You can make the Customs declaration yourself and collect the goods from the port or appoint an agent to handle it on your behalf usually for a fee. In either case Customs compliance is essential to avoid any penalties being incurred.
We are here to help you through this maze and have the essential knowledge and procedures in place to cater for your needs.
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