Recovering overpaid customs duties and VAT has long been a complex process for businesses engaged in international trade. Recognizing this challenge, HMRC has introduced a new online service designed to simplify claims for overpaid customs duties and VAT on import declarations made through the Customs Declaration Service (CDS). This service promises faster, more accurate claims processing, reducing the administrative burden on businesses.
What this article covers
1. How can businesses reclaim overpaid duties and VAT quickly and efficiently?
2. What are the benefits of using the new digital solution for claims?
3. How can businesses optimise their customs processes to save time and resources?
Simplifying customs claims
Traditional customs reclaim processes often involve manual efforts and long processing times. Modern digital tools now provide traders and customs professionals with efficient solutions to submit claims and recover funds. By automating key steps, the new digital service minimise errors and speed up approvals and allow businesses to focus on their core operations.
Key Features of digital claim solutions
1. Quick and easy submissions designed for ease of use, enabling businesses to submit claims in just a few simple steps. As per HMRC claim, most claims can be completed in under 20 minutes, saving valuable time.
2. Pre-filled data for accuracy ability to pull relevant information directly from key data sources, ensuring that claims are accurate and reduce the risk of errors caused by manual data entry.
3. Track claims in real-time claim status can now be monitored online, giving businesses complete visibility over their submissions without the need for follow-ups or paperwork.
4. Faster approvals and payments streamlined workflows enable claims to be reviewed and approved more quickly, helping businesses access their funds without unnecessary delays.
What you can reclaim
The new digital solution covers a range of claim types, including:
Security deposits: refunds for deposits paid during customs clearance.
Overpaid import duties and VAT: businesses can recover funds from overpaid charges.
Charges for rejected goods: if goods are rejected at the border, businesses can reclaim associated costs with ease.
The importance of error-free submissions
Accuracy is critical in customs claims. Manual processes often lead to mistakes, which can delay payments and require resubmissions. With automated error-checking features, the new digital solution ensures submissions are correct the first time, reducing administrative headaches and expediting refunds.
Simplify your customs processes with tradePhlo
tradePhlo offers a comprehensive solution for managing customs clearance & customs claims, designed to take the complexity out of the process.
What tradePhlo provides:
Expert guidance: step-by-step assistance to ensure claims are accurate and compliant.
Automated submissions: simplifies claims through automation, saving time and reducing effort.
End-to-End support: handles everything from documentation to claim tracking.
Whether managing customs clearance or reclaiming overpaid duties and security deposits, tradePhlo is your trusted partner for hassle-free processing.
Speak with our experts for no-obligation advice and tailored information.
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