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

Quorum Training - A Wilmington Company

Course summary

6 hours

395 GBP excl. VAT

English

Online courses

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Quorum Training - A Wilmington Company

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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

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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...