There is a ‘Tariff Wall’’ around the Member States of the EU. Getting goods through that Tariff Wall from countries outside of it comes at a cost. The main cost is usually Customs Duty. Unlike VAT, Customs Duty is a ‘sticking tax’ in that it cannot usually be reclaimed. The forward thinking take control of their Customs Duty bill, and take advantage of the savings that can be made. Others ignore Customs Duty planning at their peril as it affects ‘bottom line’ profitability. In addition, a major shakeup of the European legislation has resulted in the Union Customs Code (UCC), effective from 1 May 2016, which has changed some procedures that have been in place for decades. As Brexit unfolds, we may also find another Tariff Wall emerging around the UK.
This detailed course deals with import VAT but concentrates on the Customs Duty implications of importing goods into the UK and other Member States of the EU. It points out the possible areas for Customs Duty savings and also the potential problem areas for the unaware.
Anyone responsible for controlling the duty costs on imports of goods into the UK from outside the EU.
CPD 6 hours
Introduction to importing
How to find the correct rate of duty to pay
How to value goods correctly
Customs Duty Preferences
Customs duty reliefs, including:
Deferring payment of customs duty
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