Business, Freight News

Easier importing with advance valuation service

[ April 27, 2023   //   Chris Lewis ]

HM Revenue and Customs (HMRC) has launched an Advance Valuation Ruling Service (AVRS) to give importers legal certainty that their customs duty and VAT estimates are correct.

Traders can apply online for a ruling where HMRC will confirm the method used to calculate the value is correct. It is legally-binding for three years and the trader will use this information to calculate the value of their goods on their import declaration. 

The AVRS brings the UK in line with other countries, including some Free Trade Agreement (FTA) partner countries, who already offer such a service. 

Tags: HMRC