According to Transport Intelligence, the global market for freight forwarding surpassed pre-pandemic levels in 2021, but limited capacity and record-high freight prices offer a tough call. Ti estimates the market will expand 5.7 % in 2022, falling to 3.7% by 2026. Their Global Freight Forwarding 2022 report provides an up-to-date view of the freight forwarding landscape, [...]
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HMRC received a total of 78.3 million customs declarations for international commerce in 2021. Listed below is a breakdown of the same: 58.0 million import declarations 20.3 million export declarations 34,3 million declarations for trade between the United Kingdom and the European Union 42.9 million declarations for the United Kingdom's trade with non-European Union nations 19.6 million [...]
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The United Kingdom is set to impose new tariffs on foreign steel imports to protect domestic producers from a "flood of cheap steel imports." The government will impose new "safeguard" import restrictions on several developing nations while announcing a two-year extension of tariffs on developed countries and China. Anne-Marie Trevelyan, secretary of international trade, proposed a two-year [...]
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As a result of the introduction of additional port health checks in January, the EU import controls for food imports from the EU were expected to take effect from July. However, the UK government has acknowledged that these extra checks would have worsened the impact of the pandemic, January's statements, GVMS, and Russia's invasion of [...]
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Brexit shaves a record £20 billion off UK exports in a single year, while EU imports also decline. According to recent estimates, the UK's exports to EU countries fell by a record £20 billion in just 20 months. Sales to the EU fell more than any other country in 2021, according to ONS statistics, as [...]
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Introduction The Returned Goods Relief (RGR) programme enables a physical item that was previously imported into a territory, to be reintroduced into that territory without the need to repay tax (because this was accounted for at the time of its initial import). Aircraft are ideal examples of 'goods' that often move between jurisdictions and tax [...]
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Introduction With a Temporary Admission authorisation, you can keep imported goods in the UK for up to two years before re-exporting them. You will be exempted from paying the import duty or VAT on these items. To use Temporary Admission, you must request authorisation. Some examples of such goods can be professional equipment, auction items, [...]
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Introduction Outward Processing allows traders from the United Kingdom to temporarily export goods from the UK for processing or repair in an EU country or any other country in the rest of the world. The process enables the traders to claim full OR partial duty relief when the goods are re-imported to the United Kingdom. [...]
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