The Latest Customs Insights and News Updates
Navigating Trade Turbulence: Preparing for Potential U.S. Tariff Escalations
With the return of Trump to the U.S. presidency from January, UK businesses with interests in the U.S. market may soon face significant…
Unlocking Hidden Cash Flow: The Untapped Potential of Free Trade Agreement Claims
As a Finance Leader, you may already be aware of the importance of optimising operational efficiency and leveraging financial opportunities…
New HMRC Guidelines on Customs Responsibility: What Businesses Need to Know
HMRC has updated its guidance on business responsibilities with customs agents, clarifying who is liable for customs debts — a crucial…
Aligning Customs Strategy with Financial Goals: A Guide for CFOs
Are customs operations taking a backseat in your financial strategy? Overlooking this area could lead to unexpected customs duty costs,…
Nike’s €1.5 Billion Import Dispute: The Costly Risks of Underestimating Customs Regulations
Even the biggest names in the industry aren't immune to customs planning errors. Recent developments indicate that Nike faces scrutiny for…
HMRC’s ‘Modernised Authorisations’ Process Launches This Month
HMRC's ‘Modernised Authorisations’ (MA) portal aims to simplify, standardise, and digitalise the customs authorisations process by grouping…
The Hidden Truth About Customs Declarations: Accuracy and Responsibility. What Happens When It All Goes Wrong?
Many Finance Directors are surprised to learn that they hold ultimate responsibility for customs declarations, often unaware of their…
Bodysuits and Bollinger: Misclassification of Goods in Customs Declarations – Risks and Mitigation
In international trade, accurate classification of goods in customs declarations is crucial. A minor error, from a recent case, such as a…
How Can UK Retailers Compete with Customs Duty ‘Loophole’ Importers?
Chinese retail giants like Temu and Shein exploit the ‘de minimis’ rule to avoid import duties on parcels valued up to £135. Industry…
Customs Traps: The High Price of a Blinkered Approach to Transfer Pricing
Multinational Enterprises (MNEs) invest heavily in transfer pricing mechanisms to meet regulatory obligations and optimize tax efficiency.…
Quick Fix Turns Customs Data Into Actionable Insights
Customs Declaration Service Data (CDS) is essential for customs compliance, providing a comprehensive electronic record of declarations to…
Advance Notice Of Important HMRC Duty Suspension Application and Review Deadline – 3 July 2024
Next Wednesday (11:59pm, 3 July 2024) marks the final deadline for new tariff suspension applications and feedback on extensions of current…