Valuing Goods for Customs Purposes - Technical Workshop
This hands-on course covers essential customs valuation principles, focusing on the WTO Valuation Agreement and its application under UK law. Participants will learn the differences between intercompany pricing and customs valuation and how to calculate import values, including required cost additions and exclusions. Through practical exercises, attendees gain insights to ensure compliance and accuracy in valuing goods for customs, whether for sales, returns, temporary movements, or free-of-charge items.
Description
Accurate customs valuation is essential for all goods moving in and out of the UK, whether sold, returned, or transferred free of charge. This comprehensive course offers a practical guide to customs valuation, equipping participants with the knowledge needed to ensure compliance and avoid costly errors, especially during HMRC audits. Covering the key Articles of the WTO Customs Valuation Agreement and the six valuation methods, this training session will clarify the role of valuation in determining customs duties, statistics, and tariff rates.
Attendees will gain a thorough understanding of the “Transaction Price Principle,” including which costs to include or exclude, how to address related-party transactions using the Arm’s Length Principle, and the intricacies of transfer pricing. We’ll also explore specific UK customs regulations, including the valuation articles within the UK Taxation (Cross-Border Trade) Act 2018 (TCBT) and the Customs (Import Duty) (EU Exit) Regulations 2018.The course will also cover import declarations using the Customs Declaration Service (CDS) and reference CHIEF, the previous system, solely for understanding evidence requirements, providing an in-depth review of each valuation method—from identical goods pricing to computed and fallback methods.
Course Structure and Key Topics
The course runs from 10:00 AM to 3:30 PM, including regular breaks and a lunch break.
This course is designed to be highly interactive, with quizzes, activities, and Q&A sessions. We encourage delegates to actively engage with the course tutor throughout the day, fostering a dynamic learning environment where everyone's input is valued. This interactive approach ensures that you not only understand the course material but also learn how to apply it in real-world scenarios.
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Gain an understanding of customs valuation and its importance in international trade.
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Learn about the various valuation methods available.
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Understand the WTO Customs Valuation Agreement and its application within UK law.
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Examine UK Customs Valuation Regulations in real-world practice.
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Understand the Transaction Price Principle, including legal inclusions and exclusions.
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Become aware of related-party transactions and transfer pricing for customs.
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Gain insights into Import Customs Valuation Declarations.
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Apply valuation methods in practical scenarios.
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Develop an understanding of required supporting evidence, customs verification procedures, and valuation dispute resolution.
Testimonials
"I liked that it was interactive and I was able to ask questions. I also enjoyed the quizzes as they gave me the opportunity to test what I already knew, and learn new information in an enjoyable way." 10/10/2024
"Style of presenter and breakout rooms/questions to reinforce learning helped" MacTaggart Scott 24/03/2022
"Good presentation & level of detail" Emma Rayner, 3 Scott Safety, 17/11/2020
"Consideration in applying the legislation into practical scenarios" 17/11/2020
Who Should Consider this Course?
This course is designed for professionals responsible for import and export valuations, such as compliance officers, customs specialists, finance and logistics managers, and anyone involved in international trade operations. Valuation is a complex area often misunderstood, leading to costly mistakes. This course is ideal for enhancing compliance and effectively preparing for audits.
Why the Strong & Herd Course is Unique
What distinguishes Strong & Herd training courses is our commitment to empowering participants to apply their knowledge in real-world scenarios, enabling them to take a proactive approach in their job roles. Our courses are led by industry experts with extensive practical experience in international trade, ensuring participants gain valuable insights and expertise.