As the global economy struggles to overcome the financial impact of the COVID pandemic, inflation and interest rates are rising, Sterling has once more become unstable, and the inflated freight costs seen post pandemic show no signs of coming down. Global traders are under unprecedented pressure to cut costs, safeguard margins, and remain relevant in the eyes of customers.
Our supply chains are truly global these days, and there is a level of complexity and cost linked to this way of trading. Unnecessary processes, import duty and import VAT can raise costs and erode your company’s margins.
Sourcing raw materials from overseas to make finished goods in the UK brings with it a number of import costs that can erode margins or increase the costs of the finished product. Similarly, after sales processes may see you incur import costs on previously exported goods you bring back to the UK for replacement or repair.
Perhaps your products require overseas processing or finishing, this can incur costs when they’re brought back into the UK for sale or re-export. Or perhaps you have to send goods overseas for repair, and face import duties when they are shipped back to you.
And finally, changes to trade between the UK and EU have seen significantly higher than normal volumes of returned goods; on entry to the UK, these too will face import costs. What if you could safeguard your margins by eradicating or recouping some or all of these costs?
Join Andrea Collins of Global Trade Department as she explores the wealth of HMRC facilitations and simplified procedures to help you suspend, reduce or eradicate entirely the import costs of certain goods as well as the relief mechanisms available for returned goods and the different duty deferment mechanisms to aid cashflow where duties and import VAT are applicable.
To find out more or reserve a spot click here.
29/06/2023 12:00 - 13:00
Empowering SMEs in International Trade programme