5 minute read
chamber customs
Sussex Chamber launches a new service - T1 Transit Documents - complementing the Customs Declarations service.
The UK has now left the EU, so it is vital all businesses comply with the new rules for any import and export of goods outside of the UK and ensure customs declarations are in place.
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“Do you Import and/or Export goods to the EU or rest of the world?”
Sussex Chamber offers an HMRC compliant service that you can trust. This service offers traders a high level of compliance with HMRC procedures and offers a direct link for customs clearance through all sea, air and road ports and terminals in the UK.
A new Transit Service - T1 also known as Transit Accompanying Document (TAD)
We now offer customs transit, this is a customs procedure used to move goods not in free circulation moving between two points of a customs territory, via another customs territory; or between two or more different customs territories. Using the Customs Transit procedure allows for the temporary suspension of duties, taxes and commercial policy measures that are applicable at import.
We will create Transit Declarations on your behalf using SGS TransitNet
ChamberCustoms will submit and monitor Transit declarations on your behalf ChamberCustoms will arrange comprehensive bank guarantees through SGS to cover your goods
TransitNet operates under EU CT regulations and principles
The benefit of using ChamberCustoms to create your transit documentation is through our agreement with SGS TransitNet, we may be able to add your premises to our Authorised Consignor license which will allow you to start your transit movements from your address.
Why do I need a T1?
The main benefit is that no customs duties or taxes are payable as the shipment moves from one country to the next within the European Union. This is the case until the shipment arrives at its intended final destination.
T1 is a certificate used for the movement of non-community goods. The noncommunity status basically means that certain formalities have not yet been fulfilled and therefore, the product is under customs control. The formalities can be: the payment of import tax, for example. When certain goods need to be transported from A to C, sometimes the product has to cross the border of country B. The T1 document tells customs that although the products may be physically present in country B, they are not yet cleared for public circulation. Therefore, they can be either transported between borders or stored in a bonded warehouse under customs control. Upon arrival at the end destination, the T1 document is settled, taxes will be charged and the goods are cleared for circulation.
Paid services we offer at Sussex Chamber:
Import declarations (Full)
Import declarations (Simplified with additional charges)
Export declarations
T1 Transit documents
Within our main ChamberCustoms hub we also offer an Advisory Service at an additional charge.
We complete Import/Export declarations (EU and Rest of the world)
We complete the declaration using information the customer provides- invoices/ packing lists/ excel spreadsheet (containing transport and licences info (as per tariff).
We send the customer the customs documents which they would then forward on to their haulier/ transport company which allows them to travel through the border.
It is important to note, whilst there are easements currently at the border (businesses might receive goods without completing a customs declaration). HMRC will still require a customs declaration for goods being exported and imported. Not doing so could result in HMRC penalties.
Customers need to be Onboarded before we can represent you - Ensure you have signed our T&Cs - Inform your supply chain and haulier that ChamberCustoms is your clearing agent.
This is a very simple process requiring company information, a quick credit check and contract agreement. Sussex Chamber will act as the direct representative and will only complete declarations when requested. No fees are taken when on-boarding.
Invoicing
Customers are invoiced monthly after completion of declarations.
What we provide:
Communication by email or telephone
We will research issues customers may have and try to find a solution; we also have a helpdesk we can contact to help with more difficult problems.
Welcome Pack including additional excel document with further info that we require in order to streamline the process.
Imports
There is a Free Trade and Cooperation Agreement with the EU.
This means that most goods “originating” in the EU attract a 0% customs duty rate.
If the goods have a non-EU origin, you will not be able to claim EU preference. Duty will be payable.
Documents we will send you:
C88 SAD document (has all the details of the import- addresses/ commodity codes/ licences info)
Plain Paper C88- has the tax and duty amounts payable.
DTI report- status of the declaration e.g., route 6 means no further controls required.
Exports
Before the goods leave your premises - You instruct ChamberCustoms to prepare an Export Declaration Documents we will send you:
An Export Accompanying Document (EAD) showing the barcode with the Movement Reference Number (MRN) that your haulier will need.
A copy of the C88 if you require it.
You can now instruct your haulier to collect the goods
Sussex Chamber also provides an export documentation service and numerous international trade training courses to support you in your global growth as well as global events and forums.
Please email
customs@sussexchamberofcommerce.co.uk
or call 01444 259 259 to find out more.
Exchange rate risk management
The Import and Export of goods/services means receipts in, or payments out, of foreign currency.
The buying and selling of that money has always needed planning and never more so than in recent years with prolonged Brexit negotiations and now serious world factors linked to Covid 19. These have caused increased uncertainty and extra movement in rates. In the last 15 months the GBP/USD rate has seen a high of 1.4200 and a low of 1.1490 – that’s close to 18%.
For companies trading internationally, fluctuating exchange rates can be so difficult to manage and hard to budget for. If the markets move against you it can erode or even eliminate profits and in a time of tighter margins and increasing raw material costs it is ever more important to protect yourself from exchange rate risk and make savings wherever possible.
What you can do with careful preparation and some guidance is work to reduce or negate your risk, as and when it becomes apparent. Having access to a currency dealer to help you monitor the markets can enable you to make more timely decisions on when to buy/sell, with that dealer being there to support you along the way.
Please contact me, john.sawyer@moneycorp.com or via the chamber for an outline of how we can help.
