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New year, new customs processes

business-articlesNew year, new customs processes

On 1 January 2022, long-delayed customs controls come into effect, and it’s important your business is prepared.

Below you’ll find the key changes that the new year brings. Remember that more measures are being phased in on 1 July 2022; we’ll post a breakdown of these once the government releases more details.

Supplier declarations

Sometimes exporters are required to submit supplier declarations – evidence from your suppliers – as proof of origin to enjoy preferential tariffs.

This year, businesses have been allowed to export items without supplier declarations, with the understanding that you’ll provide a declaration in the future.

From 1 January 2022, however, you must have a supplier’s declaration (if needed) when you issue your own statement on origin.

Customs declarations

Throughout 2021, businesses importing goods from the EU have been able to delay making import customs declarations by 175 days.

After 31 December 2021, that’s no longer the case. If your goods come from any EU country apart from Ireland, you’ll have to make declarations and pay any relevant tariffs at the point of import.

You can get someone to handle your declarations for you or submit them yourself. The government website offers guidance on appointing an intermediary.

Postponed VAT accounting (PVA)

Postponed VAT accounting (PVA) allows you to declare and recover import VAT on the same VAT Return, rather than having to pay it at the point of import and recover it later.

The government plans to make PVA available permanently, so you can continue to use it on all eligible imports, unless HMRC has told you otherwise.

Border controls

Moving forward, ports and other borders will have tighter controls. Goods will need a valid declaration and a customs clearance before they’re released into circulation.

In addition, many ports will be operating under the Goods Vehicle Movement Service (GVMS). If you transport and declare your own goods, you’ll need to register for GVMS, otherwise you won’t be able to move goods through GVMS ports.

Sanitary and phytosanitary goods

From 1 January 2022, if you import regulated goods of plant or animal origin then you’ll need to register with an import IT system and use it to pre-notify. This means letting the authorities know in advance when your goods will arrive and uploading any relevant documentation.

Maximise returns on your currency transfers

If you’re handling multiple currencies, it pays to use a specialist currency broker. You’ll get access to competitive exchange rates and be able to move money quickly and easily, with no transfer fees.

Here at Currencies Direct, we also offer a range of tools and services to help you mitigate risk and maximise profit, which is particularly important in today’s market volatility.

Get in touch with our team if you want to find out more.

Currencies Direct

Currencies Direct

Currencies Direct is one of Europe's leading non-bank providers of currency exchange and international payment services. Since we were formed in 1996, we've maintained our focus on providing innovative foreign exchange and international currency transfer services to corporations of all sizes, online sellers and private individuals. We have also expanded our services to provide dynamic and pioneering "business to business" solutions to help companies, tier 2/3 banks and other non-bank financial institutions to process their international payments. Our headquarters are in the City of London (United Kingdom) and we have operations in continental Europe, Africa, Asia, and the United States. Currencies Direct is jointly owned by private equity firms Palamon Capital Partners and Corsair Capital.

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