HMRC has launched an Advanced Valuation Ruling Service to help simplify valuing goods for imports. Traders can now get legal certainty on which valuation method to use for up to 3 years.
If you would like to use the service, you need an EORI number and a Government Gateway ID.
Decisions cannot be made retrospectively so you must apply before importing goods and completing import customs declarations. HMRC can take up to 90 days to provide a decision once the application has been accepted.
To apply for an Advanced Valuation Ruling, please click here.
Why is valuing your goods important?
When goods are imported into the UK you must work out the value of your goods so duty and VAT can be calculated.
There are 6 methods of valuation that help to work out the customs value of your goods.
Method 1- Transactional value (the price paid or payable for the goods)
Method 2- Transactional value of identical goods (must be identical in physical characteristics, reputation, and brand, produced in the same country)
Method 3- Transactional value of similar goods (goods which can perform the same functions, produced in the same country but are different in some ways)
Method 4- Deductive method (The value derived from the selling price of the imported goods or identical similar goods in the UK)
Method 5- Computed value (The value based on the built-up cost of the imported goods)
Method 6- Fall-back method (The value based on reasonable means constituent with valuation principles)
For further information about these methods, please click here.
How can we help?
We understand that this can be complex for traders. If you need further advice and support, please email exportbritain@gmchamber.co.uk or call 0161 393 4314.
Need import customs clearance? Our expert customs team can help. Email us at chambercustoms@gmchamber.co.uk
Need to train your staff on import procedures? Join us in June for our upcoming training course. for more information and booking a place, click here
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