The Basics VAT Paid Status For any vessel that is operating within EU27 or UK waters, the owners/users must be able to demonstrate that it has what is known as VAT Paid Status (VPS) i.e. that VAT has been paid…
What is a Commodity Code? This is an eight (or in some cases for imports ten) digit code which identifies the type of product. Every item in the world can technically be classified into a code. It is used to…
With recent guidance and clarification from the government and with little time left before the end of the transition period we have compiled various factsheets and FAQs. This overview explains the basics and points you to other relevant factsheets which…
What does the TCA mean for goods? The end of the transition period has brought about the most fundamental change in the UK’s trade policy in a generation. The UK (with the exception of Northern Ireland) is now no longer…
Do you supply services to consumers in the EU? As of 1 July, new VAT rules will come into effect for distance sales of goods (B2C) and cross-border supplies of services (B2C), replacing the existing cross-border business-consumer rules. The Mini…
Currently, EU businesses making distance sales of goods to end customers (B2C) benefit from distance selling thresholds and can charge local VAT on their sales until a threshold is breached in the destination country (either €35,000 or €100,000). When this…
From 1 July 2021, the Value Added Tax (VAT) exemption for the importation of goods with a value not exceeding €22 will be removed. As a result, all goods imported to the EU will be subject to VAT where applicable.…
As of 1 July, new VAT rules will come into effect for distance sales of goods (B2C) and cross-border supplies of services (B2C), replacing the existing cross-border business-consumer rules. The Mini One Stop Shop (MOSS), which was put in place…
Introduction Import taxes are due when imported goods cross the border. These taxes include VAT, customs duty and excise duty. Payments can be made at the border using the Flexible Accounting System (FAS payment) which is essentially a BACS payment…
What is Origin? Origin determines the economic nationality of a good and is not the same as ‘shipped from’. Origin is declared in the Customs declaration (C88) and is required for every import and export movement. It is used for…
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