VAT and Customs Duty – Controlling Import Costs

Quorum Training

Course

In City of London

£ 545 + VAT

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Description

  • Type

    Workshop

  • Location

    City of london

  • Class hours

    6h

  • Duration

    1 Day

Customs duty rules for importing goods into UK/EU

There is a Tariff Wall’ around the Member States of the EU and the cost of getting goods through that from countries outside is mainly customs duty. Unlike VAT, this is a ‘sticking tax’ in that it cannot usually be reclaimed. A major shakeup of European legislation resulted in the Union Customs Code (UCC) effective from 1 May 2016 changing some procedures that have been in place for decades. As Brexit unfolds, another Tariff Wall may emerge. This detailed course deals with import VAT but concentrates on customs duty implications of importing goods into the UK and other Member States of the EU.

Facilities

Location

Start date

City of London (London)
See map
138-142 Holborn, EC1N 2NQ

Start date

On request

About this course

Anyone responsible for controlling the duty costs on imports of goods into the UK from outside the EU.

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Subjects

  • Taxation
  • Cost Control
  • VAT
  • Customs
  • Import
  • Sales Process
  • Tax
  • VAT management
  • HMRC
  • VAT and Customs Duty
  • Customs Duty
  • Controlling Import Costs

Teachers and trainers (1)

Gwen Ryder

Gwen Ryder

Teacher

Gwen has been a VAT and customs duty specialist and lecturer for her entire career. She worked in H M Customs (now HM Revenue and Customs) for 9 years before joining the “Big 5”. She subsequently became the VAT and Customs Partner in a top 20 firm, and then formed her own consultancy practice in 2003. Gwen is an Associate of, and former examiner for, the Institute of Indirect Tax, and a member of the Customs Practitioners Group and The VAT Practitioners Group.

Course programme

Introduction to importing

  • Procedures, requirements, paying and deferring import VAT and duty
  • Choosing where to pay the import VAT and claiming it back correctly

How to find the correct rate of duty to pay

  • The General Rules of Tariff Classification
  • Commodity Codes and reading the Tariff
  • What to do about past over or under declarations
  • Getting rulings from HMRC (Binding Tariff Informations)

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 license fees

Customs Duty Preferences

  • Duty savings
  • Tariff ceilings and quotas
  • The GSP system
  • Proof of origin and contractual protection

Customs duty reliefs including:

  • Outward and inward processing
  • Returned goods relief
  • Goods not in accordance with contract

Deferring payment of customs duty

See related categories

VAT and Customs Duty – Controlling Import Costs

£ 545 + VAT

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