5 Key Things You Need Know About Customs Duty in the UK & the EU

Introduction

Customs duty is a tax levied on the importation of goods. The rate of duty could be somewhere between 0% and 25% depending on exactly what they are.

Unlike import VAT though, customs duty is a ‘sticking tax’ and unless special procedures are applied, cannot be reclaimed. It therefore affects ‘bottom line’ profits.

Duty has always been a minefield for the unwary. In addition, UK and EU businesses that never imported goods from outside the EU before 1 January 2021, never had to think about this before.

But then came Brexit, and so now they do!

This webinar concentrates on the 5 key things you need to know to manage the tax effectively, and to take advantage of the many ways to reduce the customs duty bill. The rules are common to the UK and the remaining 27 member states.This webinar is for any business anywhere in the world that imports goods into the UK, or the EU or both, and which needs to understand the rules and the duty costs.

What You Will Learn

This webinar will cover the following:

• What rate of duty should I pay?
• Rules of tariff classification
• How should I value the goods?
• Rules of valuation
• Can I reduce duty payable if the goods ‘originate’ in a particular country?
• Origin and preference rules including UK:EU
• When can I avoid customs duty altogether?
• Various reliefs available
• How can I defer payment for as long as possible for better cash flow?
• Freezones and customs warehouses

This webinar was recorded on 4th June 2021