The International Trade Consultancy

Following Brexit, neither Peter Jones’ EU suppliers, nor their UK agents seemed to understand the new customs requirements. As a result, whilst the goods were delivered, the paperwork that Peter Jones received made no sense and the Directors were concerned that they weren’t compliant with the new regulations. Their two prime concerns were import VAT and customs duty as failure to account for and pay these on time could have serious financial repercussions for the business. The ITC analysed all the documents and wrote a report explaining the process by which each import had arrived in the UK and which suppliers were involved. Commodity codes were checked to confirm the correct import duty was paid and that VAT had been calculated correctly. One of the freight forwarders had entered the quantity figure in to the value box on the C88 which meant that the VAT was significantly undervalued. Peter Jones were able to contact HMRC to correct the problem and avoid the fines.