Understand Your Trade Responsibilities

7th April 2022

New UK border checks for goods moving have become more rigorous since January 2022 and the UK Government, via HMRC, have begun enforcement of the rules that need to be applied now that Staged Customs Controls have come to an end. 

ChamberCustoms™ blog from last week explains why companies need to become more acquainted with HMRC compliance requirements.

The full Blog can be seen here

WHAT IS THE WORST THAT CAN HAPPEN IF YOU ARE NOT COMPLIANT? 

Penalties of up to £2,500 per error, up to a maximum of £10,000, and even criminal prosecution. 

Did you know that the Sheffield International Trade Centre have been running customs compliance audits on companies for about 8 years?

We talk in detail about what you may be doing that is non-compliant, how to correct it and most crucially, why. This enables all involved to develop a deeper understanding of how HMRC expect compliant companies to work and the documentation they must retain and archive.

We look at certain customs authorisations which can save tens of thousands of pounds if you implement changes, and we help you submit the applications which can be daunting and complicated.

Finally, we write a detailed report which is used as a reference and conduct a risk analysis based on the HMRC compliance risk register.

This is a bespoke service which will improve your working practices, give you a more in-depth understanding of what customs compliance means and could save you £000’s.

A post-Brexit world is drastically different for trading businesses; there is additional paperwork (customs declarations and transit documents + more) and new trade deals between countries to consider. It’s complex and continues to change; getting it wrong can be costly and time-consuming. Getting it right means finding the correct advice, understanding HMRC’s requirements and often outsourcing these complicated and time consuming tasks to organisations like the Sheffield International Trade Centre.

The Sheffield International Trade Centre can file your customs declarations for you, making you aware of efficiencies, providing faster clearance and ensuring that you pay the correct duty and VAT.

We can help you to check that you have correctly classified your goods and their commodity codes.

Please click here to see our compliance questionnaire.

 

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