VAT and Customs Duty - Controlling Import Costs - Session 1 & 2

Quorum Training - A Wilmington Company
Course summary
Professional Training
6 hours
395 GBP excl. VAT
Online courses

Course description

VAT and Customs Duty – Controlling Import Costs – Session 1 & 2

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.

This VAT and Customs Duty 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.

CPD Hours: 6

Suitability - Who should attend?

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

Training Course Content

Session 1

Introduction to importing

  • Procedures, requirements, paying and deferring import VAT and duty
  • Customs Procedure Codes
  • Choosing where to pay the import VAT and claiming it back correctly
  • Licencing and controls

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 Information)
  • Anti-dumping duty

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

Session 2

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
  • Onward supply relief
  • End Use
  • Temporary imports
  • Other miscellaneous reliefs including those for charities

Deferring payment of customs duty

  • Customs warehousing- the various types including ‘ virtual warehouses’

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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 such topics as: Accounting and finance Taxation VAT Governance Risk and compliance Financial markets and corporate treasury Charities Management and leadership Courses are available...

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Contact info

Quorum Training - A Wilmington Company

5th Floor, 10 Whitechapel High Street
E1 8QS London

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