Understanding Commodity Codes

What are Commodity Codes and why are they so important in international trade?

They are based on an international classification system for the identification and treatment of goods as they are imported and exported around the globe.

The World Customs Organisation HS Nomenclature is revised every five years and forms the basis of the UK Trade Tariff and our commodity coding system. The last edition was published in 2022. Have you checked if/how this impacted on your business? Do you know where to check for regular updates and how classification impacts on other key areas of compliance?

The correct classification of your goods is imperative. Who in your organisation is responsible for classifying your goods and do they know the rules? When were they last checked? Do you realise that you can only use the codes in the UK Trade Tariff for both exports AND imports?

Join us for this interactive session where we will explore the rationale for this coding system, how to classify your goods, and where to find the most up to date information.

Content:

• The HS Nomenclature
• How commodity codes are used in international trade
• Introduction to the UK Trade Tariff
• GIR classification rules
• Understanding the process
• Practical classification illustrations
• Legal obligations and penalties
• Key changes in 2022
• Common mistakes

Benefits:
Delegates will leave with a full understanding of the significance of commodity codes in world trade, their legal responsibilities and how to apply the rules to ensure they satisfy HMRC’s classification criteria.