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Falsum - Experts in Global Trade and Customs: Blog, Insights & Industry Updates
Discover how our advanced analytics tool revolutionises the process of analysing, quantifying and the reclaim of overpaid Customs Duty. Enabling UK-based businesses to unlock hidden savings and boost their financial performance.
When it comes to importing goods into the UK, businesses must navigate a complex landscape of customs duties and import value-added tax (VAT). However, relying solely on HM Revenue and Customs (HMRC) calculations can be risky. We'll explore why HMRC customs duty and import VAT calculations aren't always accurate and how businesses can benefit from using Falsum's Duty Management Tool (DMT) to analyse overpayments and make reclaims from HMRC.
A UK-based food manufacturing business, had been struggling with the high taxes associated with importing finished products from the European Union (EU) and European Economic Area (EEA). The client approached our Customs & Global Trade Advisory experts business seeking help in reducing their tax burden, which had been affecting their bottom line for years. Falsum successfully applied for an Autonomous Duty Suspension (ADS) on behalf of the Client, resulting in over £150,000 of savings.
"Isn't EU Trade supposed to be free?". So, why do 19% of all EU to UK imports pay Customs Duty & Import VAT?
There's only one way to really if your business has overpaid Customs Duties & import VAT since Brexit; request your MSS Data from HMRC. From our own Client data, we see almost 14% of all consignments have a Customs Duty overpayment.
