acfta

The African Continental Free Trade Area (AfCFTA)

As part of your qualifications you will have already learnt or will learn about the importance of the key rules of world trade, covering key principles such as Origin of Goods, Valuation, HS Codes and Safety and Security. As we know these principles practically impact how countries and their businesses operate. In the world today …

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non-tariff barriers

The Impact of Non-Tariff Barriers on Trade

A lot quite has correctly been made of new trade agreements and new trading blocs around the world which have helped to increase free trade and reduce trade barriers in the form of tariffs and quotas. In some cases, however it is the non-tariff barriers and unfair competition that make it harder for an exporter …

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irish border

Genuine GB-NI trade movements should not be subject to customs controls, says Academy dean

The Dean of the UK Customs Academy, Professor David Widdowson, has said genuine NI-GB trade should not be subject to customs controls. Writing for ‘The UK in a Changing Europe’ he said there were two ways for NI-GB trade to be handled, in the event of the Ireland/Northern Ireland Protocol coming into play after the …

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Generalised System of Preferences

This article covers the concept of Generalised Systems of Preference (GSP) which is intended to provide least developed countries (LDCs) with the opportunity to export goods to other countries on preferential trade terms. These terms mean various goods such as textiles and clothing enter developed markets such as the European Union at reduced or zero …

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Ongoing Customs and Trade Announcements

During these difficult times the Government have announced a number of changes and initiatives to support the way businesses trade. The trade areas announced by the Government are sometimes specific to COVID19, but on occasion, they also apply to what exporters and importers should be doing on a daily and weekly basis. Examples of ongoing …

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Duty Matters: Can HMRC Prevent Importers from Gaining Inward Processing on a Retrospective Basis?

Importers need to be fully authorised under inward processing procedure prior to the importation of goods, in order to benefit from a duty relief. However, can HMRC grant retrospective authorisation on goods imported to free circulation, when an importer realises that the goods should have been imported under inward processing procedure? In its public notice …

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Announcement on Customs Special Procedures

On the 9th April the UK announced further customs and trade procedures that would apply from 1st January 2021. For many UK businesses these will be significant announcements impacting the way you trade, particularly with the European Union but also impacting trade with the Rest of the World. In this article we selected one of …

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Reviewing the level of bank guarantees for customs special procedures

Guarantees for Customs Special Procedures Following the introduction of the Union Customs Code in 2016, there was a requirement for traders to provide guarantees to support potential import duties and VAT liabilities to customs. Potential liabilities can arise from customs special procedures such as Customs Warehousing and Inward Processing. Liabilities are also due for goods …

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Brexit may seem a long time ago…

Quite understandably COVID-19 has taken the attention away from Brexit and for many businesses the current situation is about ensuring sources of supply, production and getting paid. In future blogs we shall expand on these important points in relation to the impact on specific business sectors. Please share your experiences with us and what you …

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Duty Matters: Interest on Delayed Duty Payments- Potential Knock on Effect for Financial Penalties?

While companies do their best to ensure that they declare their goods correctly on import, HMRC does not have the time to validate clearances and rather relies on post import verification. Where errors or omissions are subsequently found, are companies required to pay interest on underpaid customs duty? The following extract from the EU’s Advocate …

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