This half day training course will examine the principles and terminology of Inward Processing (IP) and will also look briefly at Outward Processing and the methods of operation and compliance with Customs requirements.
Description
Inward processing (IP) is used to obtain relief from customs duties and import VAT on goods that are imported from outside the UK for processing. The basic principle is to allow UK exporters to be more competitive by reducing their processing costs. Processes that are permitted under IP include manufacturing, sorting, and packing, repair and refurbishment.
Under the UK customs code traders are allowed 3 qualifying movements per year. Those wishing to make more movements will require an authorisation from HMRC. This can be withdrawn from those that do not demonstrate compliance.
How will this Workshop be Presented?
This half day training course will examine the principles and terminology of IP and some of the options available within IP and will also look briefly at outward processing (OP).
It will consider the methods of operation and compliance with customs requirements.
Topics Covered
- Conditions for using IP
- Operational methodology
- What constitutes a “process”
- Application requirements
- Options available within IP
- Roles of agents, carriers and forwarders
- The customs declarations
- Record keeping
- Bills of discharge
- Outward processing
