- Brexit has had a significant impact on UK trade in terms of imports and exports, with many businesses lacking experience in customs formalities.
- The rules on customs are complex and the plethora of trade deals entered into by the UK add to the difficulty.
- HMRC expects businesses engaged in imports and exports to be ‘customs competent’. Importers and exporters have responsibilities, including declaring commodity codes and customs value, which determine the rate of duty payable at import.
- Getting these wrong can be costly, so it is important to seek advice if unsure.
Source Taxadvisermagazine
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