Understanding the Impact of Brexit- Duty and Customs

From 1 January 2021 there is a ‘Tariff Wall’ around the UK for importing goods from anywhere in the world including the ‘remaining 27’ Member States of the EU. Getting goods through that Tariff Wall comes at a cost.  The main cost is usually Customs Duty. Unlike VAT, Customs Duty is a ‘sticking tax’ that cannot usually be reclaimed, or reduced, unless planned for.

Many businesses used to dealing with intra EU trade, have never had to think about this before. Now, as these ‘sticking costs’ attached to importing mount, they do.

This session mentions, but does not cover, UK mainland to Northern Ireland trade in goods.  This is covered in another session - Understanding the Impact of Brexit: Ireland and GB – click here for details

 

Content

Introduction to importing into the UK

  • Procedures, requirements, costs, and paying and deferring import VAT and duty

How to find the correct rate of UK duty to pay

  • The General Rules of Tariff Classification
  • Reviewing Commodity Codes and reading the Tariff
  • Getting rulings from HMRC (Binding Tariff Informations)
  • Anti-dumping duty

How to value goods correctly

  • There are six methods. Which one is correct?
  • Connected party transactions
  • Buying agents and prior sale transactions
  • Specific cost inclusions and deductions from the value
  • Royalties and licence fees

Customs Duty Preferences

  • Duty saved by importing goods ‘originating‘ in certain countries and groups
  • Tariff ceilings and quotas
  • The GSP system
  • Proof of origin and contractual protection
  • UK:EU Free Trade Agreement

 

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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