All UK companies engaged in international trade should prepare for the possibility of an audit from HM Revenue & Customs (HMRC). As part of UK customs legislation, businesses that import or export goods are subject to audits covering a three-year period. This review helps ensure the UK’s borders are secure and that all taxes are properly paid to HM Treasury.
For companies found not to meet HMRC’s requirements, an audit can be time-consuming, stressful, and potentially costly. However, businesses can take proactive steps to ensure they are compliant with customs regulations and avoid penalties.
The Importance of a Customs Compliance Audit
An HMRC customs audit is designed to verify that your company is fulfilling its obligations related to the import and export of goods. This includes ensuring the accuracy of customs declarations, adherence to security protocols, and proper tax payment. HMRC expects businesses to have adequate procedures in place to control these elements effectively. Without these controls, companies could face substantial fines or other consequences.
To assist businesses in preparing for this, we offer a comprehensive customs compliance audit program that ensures your company is fully compliant with UK regulations.
Our Audit Program: How We Can Help You
Our customs compliance audit includes the following key components:
- Review of Customs Exposure: We assess your business’s customs activities to identify areas of risk or potential non-compliance.
- Site Visit: Our experts will conduct an on-site visit to evaluate your company’s knowledge and processes in relation to customs declarations and procedures.
- Tailored Action Plan: Based on our review, we provide a customized program that includes necessary actions or training to ensure compliance with HMRC standards.
By working with our team of experts, your business can prepare for any HMRC customs compliance check and address any gaps in your current systems. This proactive approach ensures that your company is both prepared and compliant with all legal requirements.
Benefits of Our Compliance Review Service
Our compliance review service helps protect your business by providing valuable insights and guidance on customs procedures. With our assistance, you will be able to identify areas of concern where our experts will pinpoint any weaknesses or gaps in your company’s customs controls or knowledge that may leave you vulnerable to non-compliance. They can implement corrective measures, offering practical recommendations and training to fill these gaps, ensuring you meet the standards required by HMRC. With the right procedures in place, your company can avoid the costly fines and penalties associated with customs violations.
The review can be offered as a standalone service or as part of a broader international trade consultancy package, which may also include services like documentary and compliance support, staff training, and strategic planning.
What Does the Service Cost?
The cost of the customs compliance review includes the site visit, an assessment of your existing procedures and controls, identification of compliance gaps, and a detailed report with our findings and recommendations. This report can then be shared with your senior management team to drive necessary changes.
Investing in a customs compliance audit today can save your company from significant risks down the line. By identifying and addressing potential issues early, you ensure that your business remains compliant with UK customs laws, safeguarding its reputation and financial health in the process.
For companies engaged in international trade, a robust and thorough approach to customs compliance is not just important—it’s essential. Let us help you navigate the complexities of customs regulations and ensure your business stays on the right side of the law.
