Duty & VAT

When a business opts to deregister for VAT, it is crucial to note that this action also entails the simultaneous removal of any associated Economic Operators Registration and Identification (EORI) numbers they possess.

The National Export System (NES), which will be replaced by the Customs Declaration Service (CDS) at the end of March 2024, doesn’t require an exporter to declare whether or not they are zero-rating their export for VAT purposes. Exporters can claim VAT zero rating against official and/or commercial transport evidence of export.

A shipping log serves as a centralised record-keeping system for all import-related information. It encompasses detailed entries, each associated with a unique reference. Moreover, the record allows for creating folders where relevant documents, emails, and other resources can be conveniently organised. The actual value of a shipping log lies in its adaptability, as it can be tailored to meet the specific needs of your business, ensuring a personalised and efficient approach to managing import operations.

HMRC has published (19 July 2023) the new Alcohol Excise Tax Type codes which must be used on import declarations from 1 August 2023.

Tariff duty suspension, also known as tariff suspension or tariff quota, refers to a temporary reduction or elimination of import duties (tariffs) on specific goods in the United Kingdom. It is designed to promote trade and support domestic industries by making imported goods more affordable or competitive. It benefits UK businesses by giving them a competitive advantage by removing duties on certain commodities.

An overhaul of VAT Notice 703 VAT on Goods Exported from the UK was overdue, primarily because the UK departed from the VAT territory of the EU on 1 January 2021. VAT Notice 702 Imports had already been re-issued and is now not numbered.

Valuation Rules - Withdrawal of Customs Notice 252

Suppliers are understandably reluctant to push the burden of compliance onto their customers, and since Brexit, it has been common for UK suppliers to register for VAT in the EU country to which they are selling goods.