Ensuring Control, Displaying Compliance
HMRC are putting more responsibility on traders and intend to run stricter audits with the hope of rating companies as “compliant” so they can concentrate on non-compliant companies.
Customs Audit - Basics
Can your business display the correct levels of control over the Customs Agent, Broker or in-house resource making customs declarations on your behalf?
Have your products been classified correctly using HS Codes to 8 & 10-digits? Have you secured & verified Binding Tariff Information (BTIs)?
Are the Customs valuation of your products legal and in-line with UK & WTO Customs Valuation procedures?
Customs Audit - Advanced
Are you claiming the correct preferential tariffs & displaying correct evidence agreed under UK FTAs & the UK's GSP agreements?
Is your business declaring & claiming the correct product origin using WTO Rules of Origin; cumulative & diagonal?
Is your business correctly declaring products out of customs procedures, in time & with the correct CPC codes?
Falsum Customs Audit
Falsum customs audits are designed to compliment your business operating model. Our process is to collect, analyse & supplement your ongoing import & export model, so you are operating at your best & are prepared for a HMRC Review.
Understanding your business & controlling complex financial and regulatory processes are vital. The import/export of products is built on multiple interactions with Tax authorities. Mistakes, or lack of control, can be extremely costly for business - in fines & tariffs.
Regular Customs Audits have significant advantages for business. Regular reviews of changing business circumstances can drive change & transformation; producing new responses & improved business processes. Further, Customs Audits can help to identify gaps in compliance due to new procurement or sales geographies.
Customs Audits serve to identify areas of non-compliance *AND* areas of improvement for business. Audits can identify unclaimed Tariff Preferences, leading to duty-reclaims and cost-savings. Audits can also identify unused quota access, tariff-duty suspensions & duty drawbacks.