Most imports are subject to customs duty on an ad valorem (percentage of the value) basis. The Customs Code sets out a hierarchical system of methods to reach a valid arms length value. The Customs Code also sets out a list of factors that must be added to or may be deducted from the customs value.
Customs planning involves:
Using an appropriate method for determining your customs value
Applying an earlier sale in the supply chain where possible (First Sale)
Ensuring only those elements that must be added to the customs value are added
Ensuring any non dutiable elements are excluded
Amending any transfer price to ensure it also meets the customs valuation provisions for related party transactions
Proper written disclosure should minimise the risks of HM Revenue & Customs challenging your customs valuation options while minimising any duty costs.
"Rob has provided customs advice on many occasions, always demonstrating deep knowledge of his subject to help the business mitigate its duty liabilities."
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Stuart Reid, Financial Director Komatsu UK
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"ITSs broad knowledge of Customs has proved invaluable"
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D. Widdowson, Director of Financial Accounting Croda Chemicals Europe Ltd
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"ITS have highlighted significant cost saving opportunities."
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CW Winter, Financial Controller Special Metals Wiggin Ltd.
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"I have worked with Rob on complicated HMRC issues. As well as direct assistance, Rob has provided excellent training for operational staff. I recommend ITS."
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G. Mitchell, Senior Operations Manager EPSON
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"Rob explains clearly, and gets on with people. He is very constructive and pragmatic. His loyalty to the reds is admirable, if misguided. One of my favourite Scousers!"
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Nick Mallett, Partner DHM Stallard
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"ITS helped us to reach a successful conclusion when HM Customs tried to reject our proposed changes by using technicalities."
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D. Suddens, Finance Manager Blanc Aero Industries UK Ltd
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"ITSs experience and knowledge has ensured projects were completed with a favorable result."
