One of the trickiest roles for any importer is understanding what is included in the customs valuation which is an essential element of the customs documentation.
Overstate and a business will pay more VAT and duty on import. On the other hand, if you understate the customs valuation then you risk delays at customs and further action being taken by HMRC.
Despite the importance it is an area which businesses rarely consider and, at times, can be difficult to calculate with certainty.
Fortunately, to help businesses, HMRC released yesterday (3rd November) multiple new pages of support, guidance and examples on how a business should correctly calculate the customs valuation.
Luckily, the below link will take you to the online library of all the new support and guidance documentation which has been produced. The below link can help businesses who need to know:
Where to start with customs valuation
Which valuation method to use
How to value goods which are free of charge
How to value lost or damaged goods
How to value when using inward or outward processing relief
How to value when sending goods to a branch office or inter-company transfer
Whether their delivery costs need to be included in the valuation
How to work out the VAT value
How to convert foreign currency amounts
How to account for commission, interest charges, royalties or licence fees
So if you need help with valuing your imports for customs purposes then please use the below link or contact us at Tees Global to see how we can help you and your business: Working out the customs value of your imported goods - GOV.UK (www.gov.uk)
Tel: 01740 618 743
Web: www.teesglobal.co.uk
Email: info@teesglobal.co.uk
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