Determining the correct valuation of goods can be complicated but it is important to get right. When you import goods, you must work out the value of your goods to use when evaluating customs duty and import VAT, known as the customs value. This value is declared to HMRC on your import entry, even if no duty or VAT is payable.
This insightful course will provide delegates with a thorough understanding of the customs valuation rules, explaining the methods and principles used to accurately determine the customs value. Attendees will gain practical knowledge on the correct application of these rules, ensuring full compliance with international trade regulations and customs authorities.
Crucially, you will also learn how to value goods that aren't simple transactions - including...
- Free of charge goods or samples
- Lost, damaged or defective goods
- Rented or leased goods
- Goods handled under a special procedure
The course is presented by our international trade expert, David Hooper, who has helped hundreds of businesses to understand how to value their goods in compliance with international import/export regulations.
This course is essential training for Import/Export Managers, Customs Compliance Officers, Supply Chain Managers and any professionals involved in the financial aspects of the international trade of goods.
This course will answer the following questions
- What is the WTO Customs Valuation Agreement?
- What is meant by customs value?
- What is the importance of value in international trade?
- How are duties and tariffs applied?
- What are Most Favoured Nation (MFN) preferential rates?
- What costs should be added to the Transactional Value?
- Which costs should be removed for customs purposes?
- How do you calculate the VAT Adjustment Value?
- What information and data do you need when completing customs declarations for CHIEF or CDS?
- What help and support is available for traders?
