The British economic climate has been greatly influenced for the past decades by the import business enterprise. It was when the British adventurer spearheaded the international trade that completed the revelation of the different regions of the globe. Until today, it is always a significant factor that conforms to the British market customs. Generally, one of this country's major trading partners is China. Currently, there are several entrepreneurs who are trying to practice how to import from China to UK effectively. Due to the high demand for China commodities in UK, it has grown into an enormous market. For a start, it is a must to be well-informed of the whole importing process to guarantee promising returns. The importer needs to be aware of the backdrop of the European Union (EU) merely because UK is a member of such organization.
Completing the Import Declaration Form
To begin with, the Single Administrative Doc (SAD) or form C88 should be completed in order to deliver your import Declaration. Imports are the goods which are purchased from a foreign non-EU member country. It is a requirement to complete the Statement on your imports. An importer is required to actually provide two crucial requirements in order for the customs to actually identify the duties and precautions about the imported goods. As for the processing of the Record of imports, an EORI number (Economic Operator Registration Identification) is mandatory.
Validating Your Import Products and its Correlated Documentation
Her Majesty's (HM) Revenue Customs is the department which is liable for auditing the importer's documentation to ensure that there is no fraud involved. The detailed check of the imported products will be done through the CHIEF system, also known as Customs Handling of Import and Export Freight. This is their process of investigating the products against threatening items or parcels. In this way, they can ensure if there are prohibited objects like fakes and endangered species inside the cargo.
Customs Strategies for Duty Relief
There are various ways that an importer can cut down, delay or even exclude his duty taxes through the assistance of some customs procedures. We can dub these as relief of duty, suspend of duty and repayment of duty. A classic instance of this system is by simply not claiming your imported goods from customs and just permit them to stock it within warehouse. This is a way that is going to give the importers more time to settle their duty taxes and will only allow them to pay once the goods have already left the warehouse. On the other hand, a refund can be provided to the imported products for certain cases like if they are to be exported or re-exported.
VAT and Import Duties
On the other hand, you will need to pay VAT (Value Added Tax) and duties when you import products from a non-EU representative nation. Duty taxes and VAT will vary depending on the commodity code. The amounts shall be calculated based on the value of your declared merchandise on SAD. There are also some conditions that can qualify an importer for Import Preference which can result to zero VAT and duties.
Clearance and Taking Your Goods Legally
Once all of the requisites of importing from China to UK are accomplished and all of the monetary duties are already settled, the goods can be immediately released and claimed legally by the importer. Finally, these items can then be distributed to the market and earning maximum profits is just a step away.