Is cash still important to businesses?
Cash looks set to remain an important part of everyday life for much of the UK – both now and in the future, according to new research from Post Office exploring both consumer and micro trader views on the Future of Cash. The study revealed that people of all ages continue to rely upon cash to make essential purchases and fund everyday spending, with 9 in 10 (91%) wanting to retain the choice offered by different payments rather than moving to a cashless society in the immediate future.
View full blog post here.
Global Business Innovation Programme Entrepreneur Space Mission 2019
The programme will enable successful applicants to meet with investors in the sector and provide insight into the requirements of successfully doing business in the US market. Delegates will have the opportunity to pitch to venture capital companies and attend the SmallSat Symposium 2019 to meet with potential partners, investors and customers.
The 6th SME China Forum
The SME China Forum is the leading business event supporting UK small and medium sized enterprises to trade with China. With the right advice and support, more and more UK companies are finding the Chinese market a realistic and accessible market for their goods and services.
Exports to China reached more than £16.5 billion in 2017, an increase of 19.4% from 2016. China is now the 6th largest market for UK goods and 17th for services. Building on this growth, it is encouraging that President Xi recently reiterated his commitment to open up the Chinese market to foreign imports.
Topics will include:
|Runway to China – strategies and tactics for a soft landing in China||The Chinese Consumer – a new wave of consumers for UK products|
HMRC’s begins roll out of new Customs Declaration Service
In August, HMRC launched the first release of its new Customs Declaration Service (CDS), which is replacing the 25 year old Customs Handing of Import and Export Freight (CHIEF) system.
CDS is a modern and flexible system that will allow importers and exporters who trade outside of the EU to include more items with each declaration, potentially reducing how many declarations they need to make. For the first time, your Government Gateway account will include a record of all of your businesses’ imports and exports.
To read full article please click here.
Do you import goods from countries outside the EU?
If you currently use the UK Trade Tariff to make customs declarations, you will need to be aware of upcoming changes – now available for you to see on GOV.UK for imports. The changes for exports will be available later in the year.
If your agent or courier completes your declarations on your behalf, you may wish to share this information with them.
Why is the Tariff changing?
HMRC is phasing in the new Customs Declaration Service (CDS) from August to replace the current Customs Handling of Import and Export Freight (CHIEF) system. As well as being a modern, digital declaration service, CDS will accommodate new legislative requirements under the Union Customs Code (UCC). In order to comply with the UCC, you will need to provide extra information for your declarations which can be found in the tariff.
When will I need to use the new Tariff?
The majority of importers will start using CDS after November 2018, once their software provider or in-house software team has developed a CDS compatible software package. Some importers will start making declarations on CDS before this, but there is no action for you to take unless you have been contacted by HMRC to be part of this group.
For more information on the new Customs Declaration Service and how it may affect your business, please visit the CDS page on GOV.UK. To stay updated on important changes to Tariff information, you can subscribe to 'Tariff stop press notices' here.
If you would like to learn more about any of the news please contact Rachel Cornes