All UK companies that trade in goods with overseas countries will at some time be subject to an audit from HM Revenue & Customs (HMRC).
An audit of a three-year import/export period is required (under UK customs legislation) to review a company’s international trade activities. The aim is to ensure that the UK’s borders are working effectively and that the correct taxes are being paid to HM Treasury.
These audits can be time-consuming, stressful, and potentially, expensive for companies, with audits lasting in some cases for months rather than days. They will be conducted online, or in person, and are based on checking that your export compliance is robust and documented. If it is not, your company could incur an instant and substantial fine.
HMRC expects a company to have satisfactory procedures in place to effectively control the accuracy of the customs declarations submitted in its name.
International Trade Matters can provide valuable advice and support to any company involved in importing or exporting goods. Members of the specialist team can conduct a review of your customs exposure through a site visit, and will identify any areas of concern in knowledge or processes – making sure that your company is prepared and, most importantly, compliant.
Your specialist will be able to recommend a list of actions or training options to help cover off all that is needed.
Audits are available as a one-off service, or part of a wider package of international trade consultancy that can include documentary and compliance services, staff training, strategic planning and more.