This page shows some of the areas where 4 Eyes Ltd has assisted clients. There are many other procedures and possibilities than can be discussed here.
Inward Processing Relief (IPR) - Goods which are imported to the UK for processing may often qualify for IPR if the products of the processing will normally be re-exported outside of the EU. Import duty is either relieved at import or reclaimed following export of the product. In many cases import VAT can also be relieved. In the experience of 4 Eyes Ltd some companies, including large retailers, do not identify this opportunity and therefore continue to pay import duties unnecessarily, adding significantly to their bottom line product costs. IPR users must maintain accurate records, which can be audited by HMRC, and must ensure that the correct disposal procedures are followed and documented. 4 Eyes Ltd can help clients to identify all relevant savings and reliefs, and to achieve the maximum benefit at the minimum cost.
Customs Warehousing - Customs warehouses allow companies to store goods for extended periods without payment of customs duty and import VAT. In addition, in the UK, most transactions occurring within the warehouse are outside the scope of VAT. It is also possible to combine a customs warehouse with other regimes such as IPR, so that goods may be processed and then returned to the warehouse for storage. Therefore, significant savings can be achieved by judicious use of appropriate customs warehousing schemes. 4 Eyes Ltd can help clients to identify all relevant savings and reliefs; to develop appropriate and proportionate accounting procedures; and to achieve the maximum benefit at the minimum cost. 4 Eyes Ltd has worked with many major IPR processors including (manufacturers and retailers) in the UK, France and Germany.
Processing under Customs Control (PCC) - Normally the duty rate for finished products imported into the EU is higher than that for components. In some cases, however, processed products attract a lower rate of duty than the goods from which they are made, which may make it more economic to import the finished products than to manufacture them in the EU. The PCC procedure is intended to encourage processing within the Community by allowing certain raw materials or components to be imported under duty suspension arrangements. After processing, the finished products can be declared to free circulation at the lower rate that applies to them rather than the rate which applies to the raw materials. You may import goods directly to PCC or transfer goods into PCC from another customs procedure, such as customs warehousing.
Using the PCC arrangements, you can:
- Import goods from outside the EC with all customs charges suspended;
- Process them in your own premises, or have them processed for you; and
- Pay duty at the rate which applies to the processed products (rather than the imported goods) when you put them into free circulation.
You will normally save money if the rate of duty on the products is less than the rate on the imported goods. Before entering goods to PCC you must be authorised to use the arrangements. PCC authorisations can be combined with other authorisations such as customs warehousing or IPR. 4 Eyes Ltd can help clients to decide whether PCC is right for their business, can assist you in designing and implementing the appropriate systems, procedures and documentation standards, and we can support our clients as they work through the application process with HMRC.