It is the capital of a business which is used in its day-to-day trading operations, calculated as the current assets less the current liabilities. From an international point of view it would be the capital exporters require to purchase supplies, components, to produce or resell products for sale to international markets.
The Union Customs Code is the EU legislation which provides the legal basis and generic requirements of EU (including UK) customs formalities. Introduced on 1st May 2016, the Union Customs Code also covers special procedures including Customs Warehousing (CW),Temporary Admission (TA), Inward and Outward Processing.
There are many benefits of AEO approval including the following:
Recognised status across the EU
An industry “kite mark” and useful marketing tool
A lower risk score used to determine the frequency of Customs’ physical and documentary checks consignments may be fast tracked through customs controls. If selected for examination priority will be given over non-AEO consignments
Potential for future reciprocal arrangements and mutual recognition with countries outside the EU, for example the USA
Do you have questions about AEO assessment? Contact us to find out how we can support you - call 01733 404419 or email firstname.lastname@example.org
INCOTERMS (International Commercial Terms) are an internationally recognised set of trade terms developed by the International Chamber of Commerce (ICC). The terms define the responsibilities and liabilities between a buyer and a seller. They cover who is responsible for paying freight costs, insuring goods and covering any import/export duties.
There are many different documents required for export, depending on the destinations import requirements, the type of product or whether there is a trade agreement in place. For advice on documents for different products and destination please contact the IOE&IT Helpline.
The Institute of Export & International Trade's mission is to enhance the export performance of the United Kingdom by setting and maintaining professional standards in international trade management and export practice. This is principally achieved by the provision of education, training and practical business support services.
The challenging and often complex trading conditions in international markets mean that our role has never been more vital. The Institute continues to be committed to the belief that real competitive advantage lies in the competence of British businesses. Our future export growth must be underpinned by a sound foundation of knowledge.
Department for Business Innovation and Skills(DBIS)
It would be considered an export of a service and it depends on how the software is delivered. There are three main categories that are tangible software, downloaded software, and software accessed via the cloud.
Tangible software refers to instances where a technology product is sold to a customer in a box or C.D, or memory stick.
Downloaded software refers to is a software license that allows a customer to download a tech tool directly to their local hard drive and then use the software for whatever application they have purchased it for, like music software recording. Please note that Licence costs are included in the WTO methods of valuation for import duty.
Software accessed via the cloud accounts for “Software As A Service” (SaaS) product. This type of software is where a customer accesses it over an Internet connection via the cloud for example.
The big issue for SaaS products are the tax implications, for example in the EU, there is a requirement to be registered for VAT , for companies supply consumers, even if the company is not based in the EU and the US is the same with different state taxes.