Unlock Exceptional Savings When Importing
Mastering temporary storage, transformation, and duty minimisation
Chamber International’s expertise in managing and advising for customs compliance is unrivalled.
Our trade procedures team monitors the UK’s constantly changing array of free trade agreements and their requirements. Our customs specialists listen to your issues and can raise your compliance levels so that they meet the high demands of an HMRC or ECJU audit.
To save money on imports, prevent unnecessary challenges at the border, and generate the trust and respect of HMRC, these five areas need to be mastered:
1) Free Trade Agreements
Negotiations and disputes between countries over trade terms can be complex and time-consuming getting the proof of origin can be exasperating too.
The UK has negotiated Free Trade Agreements with a growing number of countries, which can provide preferential or zero tariffs on certain goods. By sourcing products from countries with which the UK has an FTA, businesses can significantly reduce or eliminate import duties.
2) Outward and Inward Processing
Some goods may qualify for tariff suspension or relief programs, where import duties are temporarily reduced or eliminated for specific purposes. For instance, goods imported for research purposes or humanitarian aid might be eligible for such programs. Outward and inward processing are both recognised as “special procedures”, and can reduce the cost of payments in border-controlled taxes and duties, if used correctly.
3) Customs Warehousing
Customs warehousing allows businesses to store imported goods without paying import duties until the goods are sold or moved for export. This can help defer duty payments and potentially save duty costs if the goods are re-exported, or if duty rates decrease in the meantime.
4) Obtain Duty Drawback
Duty drawback is like getting a refund on the customs duties you paid for imported goods.
Imagine you import some goods into your country and pay customs duties at the border or port. Later on, you export those same goods to another country or use them in the manufacturing of products that will be exported. Duty drawback allows you to claim a refund for the customs duties you initially paid on those goods.
It helps businesses recover some of the costs associated with importing when they eventually export the same goods.
5)Tariff Classification and Export Control Assurance
One person’s export is another’s import; properly classifying goods and accurately valuing them for customs purposes can impact the amount of import duty assessed.
Getting a commodity code is not the end of due diligence – as an importer you are expected to tell Customs whether or not the goods you are importing require a licence. Customs border controls can stop goods that their computer suggests are in need of a licence; this may result in seizures of goods, and hence delays for your customers. If you cannot prove the provenance of your goods, you may be subject to official letters, fines, tribunals and reputational damage.
How Chamber International helps you
Engaging Chamber International’s customs team to review the classification and valuation of goods can lead to significant savings on duty payments, and also keep the wolves away from your door.
Consulting with your trade specialist at Chamber International will help you to navigate the complexities of importing and exporting, save money, prevent unnecessary angst, avoid legal costs, and allow you to sleep well at night!
