Director, Gavin Tucker takes a look at the biggest incoming changes impacting tax…
Many customs advisors will agree that the digital transformation projects being rolled out by HMRC concurrent to Brexit further complicates the situation for business.
CHIEF is to be replaced by a new system, CDS, with all import and export declarations to be processed on the new system by early 2019. A further transition comes in the form of HMRC’s “Making Tax Digital for Business” project.
There is no doubt that CDS is a step in the right direction to best equip businesses for the future, however the timing is inopportune and development hasn’t been without its issues. As a result it is unlikely that everyone will have migrated from CHIEF by the end of March, with import and export declarations being submitted using CHIEF beyond Brexit.
While intended to create a more straightforward, efficient process for the future, the changes will undoubtedly herald a period of upheaval for businesses trading internationally. In such a climate, the availability of up-to-date financial figures and operational data will make an enormous difference to an organisation’s ability to weather the digital transformation alongside Brexit with a minimal impact on revenues.
Today media reported that the Department for International Trade intends to cut 80-90% of all tariffs imposed on goods imported into Britain, according to Whitehall sources. This news has come as a surprise to many given the UK’s current position at the negotiating table… In the summer of 2018, the UK submitted a proposed tariff […]Read more
Manchester-headquartered Customs Connect launches digital business to transform the way UK importers use technology. Customs Connect Digital Solutions has launched first of its kind technology to support businesses involved in UK import as they navigate Brexit and beyond. Its new platform, C3, uses Big Data and AI to provide businesses with real-time visibility of their […]Read more
Director, Gavin Tucker takes a look at the biggest incoming changes impacting tax… Many customs advisors will agree that the digital transformation projects being rolled out by HMRC concurrent to Brexit further complicates the situation for business. CHIEF is to be replaced by a new system, CDS, with all import and export declarations to be […]Read more
If you currently import or export goods you will be familiar with the current Customs Handling of Import and Export Freight (CHIEF) system that is used to process all imports into the UK. The latest communications from HMRC suggest that they are still on track to replace CHIEF with the new Customs Declaration Service (CDS). […]Read more
The current climate for businesses trading internationally is challenging, mired in Brexit-induced uncertainty and ongoing talk of tariffs from across the globe. For even the most seasoned importers, it’s a complicated system which must be managed and controlled carefully to avoid financial losses, penalties, overpayments and supply chain disruption. The coming months will see the […]Read more