Involved in International Trade? Consider the following steps…..
If your business is involved in buying goods from suppliers located outside of the UK, or selling to business customers located outside of the UK, our specialists recommend that you consider taking each of the following steps…
Step 1: Check the business has a UK Economic Operator Registration and Identification number.
Step 2: Decide who will make the mandatory customs declarations. The business that transports the goods into or out of the UK may agree to make the customs declarations, or an agent could be hired to make the declarations. Alternatively the business may decide to make the declarations itself.
Step 3: Consider applying for simplified import and export procedures.
Step 4: Check the relevant rates of import duties based on the nature and source of the goods, and the payment procedures for import duties and VAT.
Step 5: Check the country by country guide in relation to where each of the business customers is located.
Step 6: Depending on the nature of the goods being imported and/or exported there may be other points to deal with in order to get the business ready for when the UK leaves the EU. For example, the labelling on the packaging for the goods may need to change or it may be necessary for the business to apply for licences.
Step 7: Consider taking specific advice. VAT and customs duties are complex taxes.
If you have any questions regarding any of the above contact Alex Millar, Senior VAT Consultant email@example.com, phone 07483 066752 or Naveen Sahney, VAT + Custom Duties Advisor firstname.lastname@example.org, phone 07483 068114.