Inward Processing (IP) is used to obtain relief from customs duties and import VAT on goods that are imported from outside the UK for processing. The basic principle is to allow UK exporters to be more competitive by reducing their processing costs. Processes that are permitted under IP include manufacturing, sorting and packing, repair and refurbishment.
Under the UK Customs Code traders are allowed 3 qualifying movements per year. Those wishing to make more movements will require an authorisation from HMRC.
Guarantees may be required to cover potential customs debt, but UK Government has currently suspended this requirement for those traders that have a good compliance record. Customs impose strict obligations to comply with the IP procedural requirements, and authorisation can be withdrawn from those that do not demonstrate compliance.
This half day training course will examine the principles and terminology of IP and some of the options available within IP and will also look briefly at Outward Processing. It will consider the methods of operation and compliance with Customs requirements
Seminar Objectives
The course should enable delegates to understand
• Conditions for using IP • Operational Methodology • What constitutes a "process" • Application requirements • Options available within IP • Roles of Agents, Carriers and Forwarders • The Customs Declarations • Record Keeping • Bills of Discharge • Outward Processing
training@btuk.co.uk01903 650 566Business Training (UK)