Import and Export: VAT and Customs Duty
VAT & Customs Duty as it applies to the import and export of goods, with emphasis on the potential effects of Brexit
Course Content;
Overview of the EU VAT framework
The EU, EFTA and EEA
The harmonisation of VAT in the EU
Output VAT
Input VAT recovery
'Grey areas' and HMRC relationship
The movement of goods into the EU from the rest of the world
Overview of customs procedures
The export of goods
Documentary evidence
Incoterms and indirect exports
Temporary export
Imports of goods
The customs declaration and customs duty
Classification and valuation of goods
Potential duty reliefs (IPR, OPR, RGR, OSR, PCC, CT)
Duty deferment
Import VAT
Goods in transit
The movement of goods remaining in the Customs Union
The 'Destination System'
The dispatch of goods within the Customs Union
Customer VAT registration and supplier due diligence
The VAT Information Exchange System
Invoicing requirements
Documentary evidence
Distance sales (where the customer is not VAT registered)
Triangulation, chain transactions and drop shipments
Call off stock
Goods supplied under a contract to assemble or install
Reporting requirements
The EC Sales List
Intrastat
The Temporary Movements Register
The acquisition of goods from within the Customs Union
Acquisitions VAT and the reverse charge mechanism
Currency conversion
Restrictions on recovery of input tax
Reporting obligations
Recap and Q&A