INCO Terms you need to know

LOOKING TO EXPAND YOUR BUSINESS AND IMPORT GOOD INTO THE UK? HERE ARE 5 THINGS YOU NEED TO BE AWARE OF TO ENSURE SMOOTH TRANSIT WITHOUT RISK OF ADDITIONAL, UNKNOWN COSTS!

Inco terms you need to know

WHAT ARE INCO TERMS?

The International Chamber of Commerce (ICC) issues a set of international commercial terms, officially referred to as Incoterms, to promote global commerce. Widely acknowledged, Incoterms play a crucial role in eliminating confusion in international trade agreements by specifying the responsibilities of both buyers and sellers.

Customs Duties and Taxes: When importing into the UK, be aware of applicable customs duties and taxes based on the type and value of your goods.

EORI Number Requirement: Ensure you have an Economic Operator Registration and Identification (EORI) number, as it is mandatory for customs clearance in the UK.

Correct Documentation: Accurate and complete documentation, including commercial invoices, packing lists, and shipping labels, is crucial for a smooth import process.

VAT Payments: Understand the Value Added Tax (VAT) implications on your imports. Depending on your circumstances, you may need to pay VAT on imported goods.

Regulatory Compliance: Stay informed about specific regulations and product standards applicable to your imports, as non-compliance can lead to delays and additional costs.

P.S 

Don’t forget to include a valid contact email address and phone number for the consignee/receiver on the commercial invoice when sending international consignments.  With the INCO Terms, this will enable the local Customs authorities to process the consignment more smoothly.  Cutting corners and using your own will only result in a delay.  Our WebShip shipping portal allows you to generate a suitable electronic commercial invoice for Customs quickly and easily.