Trading internationally can be more complex and costly than trading within your domestic; traders need to seize opportunities to safeguard cash and reserves where possible.
HMRC offers a number of customs facilitations and simplifications to help alleviate the burden of import duty and VAT on traders’ cashflow and profits. Inward processing (IP) is a duty relief procedure that allows goods to be imported into the UK for processing or repair with suspension of import duties and VAT. Processed products i.e. finished products can either be re-exported or released into free circulation (sometimes at a reduced rate of duty), whilst repaired products can be re-exported.
Different authorisations exist depending on the volume and frequency of imported goods, or the turnaround time needed for processing or repair. There is a simplified procedure application (known as “Authorisation by Declaration”) for companies whose imports will not exceed 3 in a 12-month period and whose processing or repair can be concluded within 6 months. Making this import customs entry via the C88/SAD will work adequately for a lot of companies. However, as the business expands or volumes increase, it becomes easy to exceed these thresholds. At this point, companies need to apply to HMRC for Full Authorisation, and this can be more complex.
Global Trade Department has a 100% success rate of obtaining Full Authorisation for IP on behalf of clients. We work with clients to ensure that authorisation prerequisites are in place, and to understand their 3-year or 5-year forecasts (depended on commodity) for processing and/or repair, and importantly, that their internal processes are accurate and well mapped to withstand HMRC scrutiny.
Global trade can exert pressure on internal know-how, capacity, and finances; indeed, this can dissuade many companies from embarking on it in the first place. Our Global Trade Manager programme bolsters your company’s efforts by managing your entire international trade function as integrated members of your team; once your revenues justify bringing on full-time staff, we help you recruit and onboard new hires.
If you are a UK importer or exporter, it is essential you understand what is expected of you from a customs compliance perspective; the costs of getting this wrong can be significant. Our popular Trade Compliance Review is like a mini HMRC Audit, identifying discrepancies with processes and documentation that can be dealt with proactively.
Depending on your business sector and geographical target market, the decision to establish an office overseas can be either a long-term ambition or an immediate imperative. Global Trade Department and its in-market associates guide companies navigate the challenges associated with establishing an overseas presence e.g. form of legal entity, local regulation, tax legislation, premises, staff, and more.
Trading globally can be more costly than trading within your domestic market; traders need to seize opportunities to safeguard cash. Inward processing (IP) is a duty relief procedure that allows goods to be imported into the UK for processing or repair with suspension of import duties and VAT. With a 100% success rate of achieving full authorisation, we have saved clients £1000s in unnecessary duty and VAT.
HMRC offers several customs facilitations and simplifications to help alleviate the burden of import duty and VAT on traders’ cashflow and profits. Global Trade Department frequently advises companies on the exact compliance requirements surrounding the use of procedures like Outward Processing (OP) and has a 100% success rate in applying for Full Authorisations on behalf of clients.
Authorised Economic Operator (AEO) status has become an internationally recognised quality standard demonstrating that a company has met the highest standards of customs compliance and/or supply chain safety and security. Global Trade Department has hands on experience helping clients navigate the application process and obtain the authorisation swiftly and on first attempt.
Obtain an impartial, outside-in assessment of your current global trading processes and practices, with practical recommendations of how you can incorporate sustainability values and targets to meet future regulatory requirements and drive long-term growth.
Great Britain: Global Trade Department Ltd, Kingston House, Great Western Way, Swindon, Wilshire, SN5 8UB, Great Britain.
Global Trade Department Ltd is a company registered in England and Wales, Company no: 07000152. VAT no: GB994 7629 49
EU/Northern Ireland: Global Trade Department (NI) Ltd, Office 834, Unit 6, 100 Lisburn Road, Belfast, BT9 6AG, Northern Ireland.
Global Trade Department (NI) Ltd is a company registered in Northern Ireland, Company no: NI724330
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