UK Importing & Exporting canbe challenging.
The UK government sets a high level of regulations, each enforced by a different government department. The Department for International Trade (DIT), HM Revenue and Customs (HMRC), Department for Environment, Food and Rural Affairs (Defra) and more all contribute to this troublesome process, causing different problems for different businesses. Some businesses find the areas of exporting and importing too confusing and so fail to develop additional international business, while others try to comply with the laws and regulations but find themselves in violation regardless and face fines, penalties or goods being forfeit.
This is where I come in.
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Import / Export Documents
Having the correct documentation is vital when importing or exporting, as inappropriate or overlooked documentation can lead to shipping delays, increased costs and business risks such as cancelled international commercial activities. Even if you’re using a freight forwarder, your company will still be held liable as the importer or exporter of the goods for late or incorrect documentation.
Whether you are importing or exporting, I can help your business understand what documentation is required, potentially saving you a lot of trouble. I can help explain the necessary documentation your company should be using for international contracts, customs, shipping and payments. Thanks to my far-reaching experience across a wide range of industries, I’m able to provide clear and relevant advice that can help steer your international trade business onto the right course.
When your company engages in international trade, I can provide guidance on the different types of documentation you’ll need.
Documentation covers a number of crucial aspects of importing and exporting, including:
- A detailed written contract between the parties, which states exactly where goods are to be delivered.
- Comprehensive documents are needed to ensure that your goods get through customs and you pay the correct duty and tax charges. There may be different documentation requirements at either end of the supply chain, and these must be considered.
- Other documentation will be required to cover the insurance of the goods whilst being shipped within the international supply chain.
- To ensure payment for the goods, it is vital to have the right documentation in place, especially if the payments are via international banks.
As part of my services, I will help you correctly classify your goods on your documentation for tax purposes and to assure you meet regulations.
Incoterms
The Incoterms rules are created and published by the International Chamber of Commerce (ICC) and are revised normally every 10 years. The current version of the rules are Incoterms 2020 and these commenced January 1, 2020.
But what are Incoterms? The ICC describe the rules as: ‘ICC’s Incoterms rules are the world’s essential terms of trade for the sale of goods. Whether you are filing a purchase order, packaging and labelling a shipment for freight transport or preparing a certificate of origin at a port, the Incoterms rules are there to guide you. The Incoterms rules provide specific guidance to individuals participating in the import and export of global trade on a daily basis.’
The buyer and seller of an international trade will have a better understanding of responsibilities in the event of loss and damage thanks to both parties agreeing on the relevant Incoterms. You can include Incoterms in your contract to cover who is responsible for every stage of the supply chain, including customs clearance and insurance requirements. Incoterms also make it clear who pays for each different cost within the international supply chain. Learn more about Incoterms 2020 Rules...
Import and Export Controls
Many goods are controlled and may require licences in order to be exported or imported. For instance, the import and export of military and paramilitary goods, dual-use and technology, artworks, plants and animals, medicines and chemicals will all need licenses. Other goods meanwhile may be controlled by anti-dumping duty, ‘countervailing’ and other trade defence measures. These are covered by the World Trade Organisation rules, which prevent artificially cheap imports from damaging markets.
I can assist you and help you to understand your responsibilities and which relevant UK licensing authorities you should be dealing with. I’m also able to review your imports and exports to identify any liability for trade defence measures, such as anti-dumping and countervailing duties.
International Payments
Consignment, open account, documentary collections, letters of credit, and cash in advance are the five primary payment methods used in international trade.
- Consignment is without a doubt one of the highest-risk international payment methods for the supplier, as there is no guarantee of payment and the products are in an overseas location.
- An open account transaction is a sale where the goods are shipped and delivered before payment is due. This is typically 30 to 60 days, or sometimes even longer.
- With a documentary collection, the exporter prepares a bill of exchange stating how much is to be paid and when.
- The customer arranges a letter of credit from their bank, and the bank agrees to pay the exporter once all the right documentation is received.
- An international payment method for imports and exports known as "cash in advance" mandates that the buyer provide the seller with the international payment before the buyer receives the cargo.
Exporting Military Goods to the USA
UK companies that export controlled military goods to the United States will need to comply with US controls, specifically the International Traffic in Arms Regulations (ITAR). Having to comply with ITAR is a separate requirement in addition to any responsibilities encountered when applying for a UK export licence from the Export Control Organisation (ECO). Under the US-UK Defence Trade Cooperation Treaty, the ECO have issued a specific Open General Export Licence and you are required to meet all the specified terms and conditions. You will also be subject to satisfying certain screening and record keeping requirements.
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