The exporting industry can be a hard nut to crack when it gets down to the details. Luckily, we’re here to make things a little easier by answering some frequently asked questions about this hugely important industry. We hope that this better understanding will the complexities of exporting.
What are the UK’s largest food and drink exports?
Not so surprisingly, alcohol and chocolate take the top three spots on the list of the largest food and drink exports in the UK, whilst wheat and soft drinks are positioned lower in the rankings. We can expect that this will remain a steady trend due to the demand for wine and spirits, which has seen exports more than double in the past 15 years in the UK.
What documents are required in an international trade transaction?
The process of an exporting goods internationally requires numerous documents, depending on the requirements, product type, and the existence of a trade agreement. Different countries have different rules for importing and exporting but the common thread for each regulation is to ensure that responsible trade is being carried out.
Why do I need a EUR1?
An EUR1 is used when exporting to countries where the EU has favoured trade agreements. The document confirms that the goods shipped are in line with the requirements to being of EU origin.
What is the difference between a EUR1 and an EC Certificate of Origin?
Whilst an EUR1 is a preferential document in the exporting of goods from the EU, an EC Certificate of Origin is a non-preferential document that certifies what the origin of the products is in a shipment. This could be used for import compliance or as a request from a client.
Why do I need to prove my goods have been exported for HMRC?
If you’re importing or exporting goods to or from a country that has a trade agreement with the UK, the goods are likely to have a reduced or nil rate of duty based on their origin.
Unless the trade agreement says you do not need a proof of origin, you’ll need proof of export for HMRC audit purposes due to VAT not being charged on these shipments.
What is a Customs Procedure Code?
A Customs Procedure Code (CPC) is a code used on import and export declaration, which identifies the customs process which goods are being entered into and removed from. The CPC is based on a two-digit community code which identifies a customs procedure, e.g, removal from warehouse. It is then built up into a seven-digit code from this.
If you have more questions that you’d like us to answer, get in touch with the team at firstname.lastname@example.org.