A new, innovative tool for customs compliance is now available, with the release of MyCustomsInfo, a software solution aimed at making it easier for businesses to understand their customs duty obligations.
MyCustomsInfo is a new online service, made available by the Chartered Institute of Export & International Trade, that helps businesses remain compliant with customs regulations by identifying potential under and overpayments.
The new system, which is aimed at helping companies prepare better for HMRC audits and reduce risk around incorrect customs payments, is now live and available for use.
The software can function as a standalone solution, performing the compliance checks automatically, or be used alongside our consultancy services, where experts help traders interpret the results and take informed action.
New service
Many businesses face challenges in managing customs duties, often without full visibility of the data behind their transactions. Inaccurate declarations can lead to overpayment of duties or underpayment, which may result in penalties from HMRC.
As the cost of international trade continues to rise, it is more important than ever for businesses to minimise additional expenses on their imports and exports
The service empowers businesses to understand more about their customs duties, providing them with an accurate portrait of their payments, with an easy-to-use interface.
Audits
The system offers a variety of different tools, including analysis, document storage and status monitoring. An interactive dashboard makes complex data easier to understand, while documents are securely stored for up to 84 months on a dedicated archive.
The platform helps companies stay compliant with HMRC by streamlining customs processes and paperwork. In the event of an audit, businesses can quickly access their uploaded documentation, ensuring businesses can respond to HMRC without delay.
Simple and accurate
The data tools and storage on offer means that information can be extracted for submissions and re-submissions, or as part of an HMRC audit.
Our specialists review the data for any obvious classification errors, work with businesses to understand their supply chains and identify opportunities to benefit from preferential duty rates under applicable trade agreements.
This is designed to empower companies in making informed decisions that optimise costs and strengthen customs compliance.
