When trading internationally, it is important for businesses to ensure that they are acting in compliance with the applicable laws and regulations of the countries that they are importing from or exporting to.
Over the last few years, businesses have taken various actions to mitigate the impact of the coronavirus pandemic and Brexit such as tariff increases, supply chain delays and restructuring.
With signs that National Revenue Authorities, including HMRC, US Customs and Border Protection and EU Authorities, are beginning to increase their scrutiny of compliance measures, businesses will become more open to investigation, audits and, in some cases, penalties.
Why conduct a compliance review now?
From January 1st 2022, full Customs controls will be implemented for imports and exports between the UK and EU. All trading businesses will need to have fully documented import and export standard operating procedures, transaction records, and customs and VAT practice and management procedures in place to demonstrate compliance to HMRC.
Conducting import and export compliance reviews can also identify potential vulnerabilities and saving opportunities.
It is usually the case that a review will reveal areas of weakness, higher risk and the need for risk mitigation which can be rectified by implementing new measures, documentation and procedures to ensure that vulnerabilities do not turn into violations that could be picked up by authorities.
However, regular reviews can also highlight where you may be overpaying on duties, VAT and tax. After the challenges of operating through a pandemic and during an uncertain economic climate, finding areas where you can save without minimising compliance is surely welcome.
How can Chambers Wales help?
Chambers Wales’ international trade team are experts in all matters relating to exporting and importing and as a dedicated customs intermediary, the Chamber helps businesses manage documentation to ensure compliance at every stage of trading and keep goods moving.
For further information about our compliance review service, email firstname.lastname@example.org to find out more.