iKAYDE – The Problem

Compliance is an ever-increasing burden on companies trading internationally, especially where intervention visits by the authorities may occur many years after goods have either been imported and or exported.

To ensure all your obligations are met and that simple checks are carried out at the time rather than them being discovered after the event you need an indirect tax system that handles the complexities without slowing you down.

Customs and regulatory checks...

To be introduced for movement of goods between UK and EU27 Member States

Over 144,000 companies...

Who trade exclusively with the EU will become liable to make Customs Declarations

Significant increase...

In additional reporting requirements for existing importers / exporters

More than 200 Million...

Additional Customs Declarations per year, estimated cost to industry of £15 billion

Potential penalties...

For non-compliance and who do not adopt to new complex systems and practices

Customs Management Systems...

Must support intervention visits by HMRC for a numbrer of years going forward

IT IS LIKELY THAT WITHOUT INTERVENTION, THERE WILL BE A DEGREE OF CHAOS ON THE HORIZON!

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