Imports and exports to the UK continental shelf - are you ready for the change?
February 09, 2016
New customs duty legislation is due to come into force from 1 May 2016 under the Union Customs Code (UCC) which will result in a number of changes from existing practices in the UK.
What does it mean?
One of the key areas of change will be the removal of the ability to use manifests (paper invoices) for shipments to and from the UK Continental Shelf (UKCS) post UCC. Many businesses in this sector currently rely on this simplification. But HMRC has advised that this will no longer be possible from 1 May 2016 and there will instead be a requirement to complete full export and import declarations for all transactions to and from the UKCS unless Authorised Economic Operator (AEOC) status is met.
How will it affect business?
This is likely to have significant implications for your business and result in increased administrative and compliance costs unless the criteria for AEOC is met. There are a number of conditions which need to be met to apply for AEOC including having an appropriate record of compliance with customs requirements, a satisfactory system of managing commercial and transport records which allows appropriate customs controls and proven financial solvency.
What can you do now?
Take action to help mitigate the impact of these changes on your business and ensure that the conditions are met to obtain AEOC.
For further details please contact:
p: +44 (0)16 1245 2429
p: +44 (0)207 212 5154
p: +44 (0) 7718 339388