Competitive rates along with superior quality manufacturing abroad, has produced an invasion of many UK, Irish and EU firms getting supply of goods from newly industrialised countries like China, for example. There are quite a few obstacles that need to be tackled by those importing for the first time. This is essentially because the customs purpose is quite different. It defines the procedure of transporting goods from outside the EU into the EU. Goods moving amid the EU countries are depicted to be acquisitions. Imports have to be officially confirmed or entered to Customs. The import admissions are typically submitted by a forwarder, and he or she does it by electronic means.
The subsequent top tips will assist importers get it right:
- Get your excise categorization correct
- Imported goods are categorized with the help of a 10-digit commodity, also known as the tariff heading, and it is put in on the import declaration.
- There are over 65,000 commodity codes.
- All merchandise from rugs to computers, irrespective of how unclear will have a product code. Codes are internationally agreed and detailed for customs purposes. The code will establish both the duty to be paid and any limitations (that apply to the goods. Getting the code wrong will result in the wrong amount of duty being payable.
Get the value right
Import duty and charges apply on the cost, insurance and freight). It depends on value of shipping the imported goods to the port of importation. This value needs to be adjusted to take into account other costs. These include the likes of royalty and licence cost and materials. These are mostly supplied free of cost to the manufacturer. This has to be again added to the import value. It is especially important at the time of purchasing commission and the importation transport costs later on, it can also be deducted from the import value.
Do check out all possible restrictions
Some merchandise need a licence before they can be traded into the EU. Licensable goods comprise of goods from countries where the EU wishes to manage numbers or standards of imported stuff. This is especially true in case of particular Ozone depleting material, which requires a European Commission Licence, and few lumber and forestry products that need a Forestry Commission Licence.
A Duty deferment account helps
Customs duties, import VAT and other charges payable at import must be compensated or delayed prior to the supplies being removed from Customs control. The payment can also be made to Customs directly, although quite a few importers make payment through the China shipping agent, who will make use of a duty deferment account.
A duty deferment account is a trade facilitation way to defer payment of duties as well as VAT that needs to be paid at import. This has to be done between 2 and 6 weeks if you wish to speed up the importation procedure. Importers have a monthly credit limit, which needs to be followed ultimately. So keep this in mind and go through the requirements.