VAT and Customs Duty - Controlling Import Costs

Quorum Training - A Wilmington Company

Course summary

1 day

575 GBP excl. VAT

Quorum Training - A Wilmington Company

Open / Scheduled

Next available date: 02/12/2019 09:30 - London

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Course Dates

London

02/12/2019 09:30

575 GBP

08/05/2020 09:30

575 GBP

21/09/2020 09:30

575 GBP

04/12/2020 09:30

575 GBP

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Course description

A course by Quorum Training - part of the Wilmington Group

VAT and Customs Duty - Controlling Import Costs - a 1-day training course in London

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.

Suitability - Who should attend?

Anyone responsible for controlling the duty costs on imports of goods into the UK from outside the EU.

Outcome / Qualification etc.

CPD 6 hours

Training Course Content

Introduction to importing

Procedures, requirements, paying and deferring import VAT and duty
Choosing where to pay the import VAT and claiming it back correctly

How to find the correct rate of duty to pay

The General Rules of Tariff Classification
Reviewing Commodity Codes and reading the Tariff
What to do about past over or under declarations
Getting rulings from HMRC (Binding Tariff Informations)

How to value goods correctly

The six methods in detail
Connected party transactions
Buying agents and prior sale transactions
Specific cost inclusions and deductions
Royalties and licence fees

Customs Duty Preferences

Duty savings for certain countries and groups
Tariff ceilings and quotas
The GSP system
Proof of origin and contractual protection

Customs duty reliefs, including:

Outward Processing
Inward Processing
Returned Goods Relief
Goods not in accordance with contract

Deferring payment of customs duty

Customs warehousing the various types including ‘virtual warehouses’

Expenses

The price per place for this course is £575 plus VAT.

Contact Quorum Training for pricing details for running this course in-house. The price will include pre-course discussions with the trainer, supporting course materials and delivery of a practical, interactive course that meets your training needs.

About provider

Quorum Training - Business and Finance Courses for Professionals

Quorum Training provides a range of specialist courses designed specifically for business and finance professionals. Covering Accounting and Finance, Taxation, VAT, Governance, Risk and Compliance, Financial Markets and Corporate Treasury, and Charities. Quorum deliver bespoke in-house and public training programmes....

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