5 August 2024
Unnecessary import duty and import VAT can raise costs and erode your company’s margins.
Sourcing raw materials from overseas to make finished goods in the UK brings with it several import costs that can erode margins or increase the costs of the finished product. Similarly, after-sales processes may see you incur import costs on previously exported goods you bring back to the UK for replacement or repair. What if you could suspend, reduce or eradicate some of these costs?
Perhaps your products require overseas processing or finishing, this can incur costs when they’re brought back into the UK for sale or re-export. Or perhaps you have to send goods overseas for repair and face import duties when they are shipped back to you. What if you could suspend, reduce or eradicate some of these costs too?
And finally, changes to trade between the UK and EU have seen significantly higher than normal volumes of returned goods; on entry to the UK, these too will face import costs. What if you could safeguard your margins by recouping these costs?
HMRC offers several trade facilitations and simplified procedures to help you suspend, reduce or eradicate entirely the import costs of certain goods when brought into the UK for process or repair, or following processing and repair overseas. This can significantly improve margins and cash flow. There are also relief mechanisms for returned goods and different duty deferment mechanisms to aid cashflow where duties and import VAT are applicable.
These HMRC authorisations can be complicated to obtain, however the Ashfield Accelerator programme has recruited Global Trade Department to help with these matters along with a wealth of other import and export challenges and objectives.
Perhaps you simply need guidance and to learn whether you’re eligible, or perhaps you’d like us to take the burden away entirely and apply on your behalf. Why not use this fully funded support to gain these authorisations, reduce your costs and protect your margins?
You can be a novice or experienced importer or exporter, but you must be an SME based in Ashfield.
To proceed, simply book a 1:1 support session with our global trade specialist via Calendly. Alternatively, you can email ashfield@globaltradedept.com
NB: You may also like to access other support offered by Global Trade Department as part of the Ashfield Accelerator ‘Trading Overseas’ programme (see below). Simply ask for more details.
This is part of Ashfield District Council's Accelerator Programme, which is being delivered by East Midlands Chamber and is funded by the UK Shared Prosperity Fund (UKSPF).
Your business is unique but the challenges that you face aren’t, with our support, we can help get you through them.
Our impartial business support is delivered by experienced, expert business advisers, giving you the right advice at the right time for your business.
Contact us today and access a wealth of support, events, business growth programmes and expert advice.