Also in the news...
Import firewood into England, Scotland or Wales
Find out how to import firewood, such as logs and kindling, into England, Scotland and Wales (Great Britain).
How to check if you can delay customs payments and declarations
If you’re a business that currently buys goods from or sells goods to countries outside the UK, or are planning to trade with Europe from January 2021, HMRC’s new tool can help you identify ways you might be able to make the customs process easier for cheaper for your business. This short video shows you how to use the tool.
How can a customs intermediary or agent help me?
If you’re a UK business thinking about moving goods into or out of the UK , this video is here to help you understand how customs intermediaries or agents can help you. For more information have a look at the guidance available on gov.uk.
What are commodity codes?
If you're buying or selling goods abroad, you need to work out the amount of duty or VAT you owe. This short video tells you how to find out the ‘commodity code’ classification for your goods, using our Trade Tariff tool. Find out more on GOV.UK
What are controlled goods?
You’ll need a licence to import or export certain types of controlled goods. You may also need to pay extra duty in the UK. Unsure if this applies to your goods? This short video explains more about the types of goods that are classed as controlled. Find out more on GOV.UK
SMEs Urged to Protect Against Currency Shocks Ahead of Election
Small businesses who plan to make international payments and transfers in the next 6 weeks may be in for a shock, foreign exchange experts FAIRFX have warned saying that Sterling could now become increasingly volatile as we get closer to the 2015 election.
New analysis of the 2010 election and the 2014 Scottish Referendum has highlighted the impact major political events combined with an uncertain outcome can have on Sterling. Accordingly, SMEs across the country are being urged to plan ahead to prevent unnecessary costs to the business.
FAIRFX currency expert Darren Kilner explains: “If we look back at the currency markets in the three weeks leading up to the 2010 election and the 3 weeks after, there were high levels of volatility. Our analysis shows that Sterling moved over 8%* against USD within the election period alone and did not regain its pre-election strength until three months after the coalition was formed.
“For businesses making international payments a £10,000 transfer into US Dollars could have cost them over £790† extra due to this 8% drop in Sterling in one transaction alone. And for businesses making several transactions a month, this would really impact operational costs.
“A further example is last year’s Scottish Referendum where again currency was severely impacted. When the polls signalled that it was possible for a YES vote to come out on top, Sterling began to lose ground to the Euro with rates varying over 3%** within a short period of time, however it also quickly rebounded after the vote was a NO.
“With the election just around the corner and the Conservatives and Labour currently on similar levels in the polls, there are expectations of another hung parliament which has every likelihood of creating currency volatility similar to the previous election.
“For businesses, it’s vital to keep a close eye on currency movements so you don’t get stung by an unstable pound. And if you need to make large international money transfers in the next six weeks, make sure you speak to an expert.”
You can check latest currency rates by visiting the FAIRFX website.