Most businesses engage third party customs brokers to submit customs declarations but remain solely liable for the accuracy of these declarations and any customs duties and import VAT.
Customs compliance is subject to audit-based controls with import transactions remaining open for a minimum of three years. Errors can lead to:
Collection of underpaid customs duties
Financial penalties on the business
Loss of customs facilitative regimes and relief schemes, leading to higher ongoing costs
Poor compliance history and reputation, leading to further audits and delays at the port
Senior Accounting Officer (SAO) penalties for businesses with turnovers over £200m
What is the Customs Compliance Process?
Our customs trade compliance services team work with clients to implement and maintain best practice by mapping the current process, carrying out a gap analysis, implementing necessary procedures and controls and supporting the maintenance of these when businesses or customs changes occur. Implementation can include draft written procedures, checklists and training. Ongoing support can be provided with our customs analytical tool (CAT), periodic update reviews and ad-hoc advisory service.
We also work with clients to carry out a periodic review of the underlying customs master data elements to minimise the risk of Garbage in Garbage Out (GIGO).
Best practice projects can be extended to include applying for Authorised Economic Operator (AEO) status, onboarding new businesses and expanding into new territories.
How Can Our Compliance Services Help your Business?
Here at Barbourne Brook, we have years of customs compliance experience, giving our clients the very best trade and customs compliance advice. Our customs and trade compliance specialists know the systems involved with the movement of goods, enabling us to ensure that the shipments are in line with the requirements of HMRC.
Needing some advice on trade and customs compliance legislations? Speak to one of our compliance specialists by calling 01905 914 031 or by filling out our contact form.
Sign up to get the latest industry insights
How can we help?
We are on-hand to help with all of your customs need. Provide us with some details on your circumstances and one of our friendly experts will be in touch to provide support and advice.
