Did you realise that you could be liable for an HMRC assessment of non-refundable VAT on the full value of imported goods if the goods are not imported under the correct customs procedure codes?
We have been made aware that there are currently some important challenges and potential financial risks to the UK aerospace supply chain, especially when it comes to providing special processes or repairs for EU customer components.
We would like to get a measure of how widespread this issue is for MAA members. You are therefore cordially invited to this discussion, hosted by Annette Rothwell, MAA Director and Chair of the MAA Supply Chain Performance Group.
One of our members, a special process SME, will be able to discuss first-hand their experience. They are currently going through a hard “discussion” following audit with HMRC over the correct way to import EU goods for processing or repair since Brexit. It appears that UK aerospace companies can be found liable for non-refundable VAT on the full value of goods important from the EU, even with clear evidence the goods are returned to the EU after processing and provided free issue by your customer! This VAT assessment could be 10 or more times the value of the services you provide!
Do any of these questions strike a chord in your company? If so, please come along and share your experience.
- Are you aware that "Inward Processing (IP)" is the correct way to handle these goods?
- Is the government providing clear support and information to manage this process?
- If you are using IP, how easy do you find it?
- How knowledgeable are your EU customers to support the correct import procedures required in the UK (commodity codes, declared values, customs procedure codes etc.)?
- How is the service level from your freight forwarders?
- How complex/confusing and negative to supply chain growth is this situation?
This event is mainly for MAA members. Non-members are welcome, costs below:
Delegate |
Cost |
MAA members |
Free |
Non-members per delegate |
£100 |
This meeting will take place on MS Teams so we will send you a link witihin 24 hours prior to event if you have registered. If you have any problems on the day joining via Teams please email Joanne Cole.
Register now!
