99% Of Import Businesses Overlook Right To HMRC Customs Data

All import businesses have the right to view their customs data which is stored by the HMRC, containing full details of declarations made in the company name. Despite the many advantages of having this data for managing customs duty, just 1% of businesses actually sign-up for it, according to new information released by HMRC.*

This documentation is incredibly difficult to obtain from individual brokers and this, along with manually logging the key elements in a spreadsheet, takes considerable time and cost. Where businesses do not have access to the data, they are left in the dark. The very low take up of HMRC data suggest that many businesses are not prioritising the accuracy of their submissions, turning a blind eye to potential errors and missing out on reclaims, rather than tackling the problem head-on.

Businesses that get ahead of the game and subscribe to the data service (from just £240 per annum) gain a considerable competitive advantage. They can:

Identify all declarations made under the business name – ensuring that declarations have been assigned to the correct business and giving clarity on who is acting under that name
Spot errors and make strategic plan to invest in fixes
Be ahead of the game when it comes to audits: HMRC use this data when selecting businesses for audit and during the audit
Identify overpayments and reclaims
Ensure instructions are reliably executed by Brokers and an insight to their performance
Ensure that suppliers are abiding by the agreed terms
Gain information for strategic decision making regarding appropriate customs planning

Someone working performing financial work on laptop

New technologies are also available to make take the pain out of analysing this data. Adam Wood, Head of Commercial at Barbourne Brook commented:

“For businesses trading internationally, gaining access to their customs or MSS data is a huge step towards taking control and eliminating risk in customs management.

However, using CAT360, a new plug and play software solution, businesses can immediately pull data for deeper analysis with expertise developed from over 30 years of customs consultancy.

It simplifies all of its findings with a user-friendly graphic interface and supports reclaims and voluntary disclosures.”

*Information released by HMRC was in response to a Freedom of Information request submitted by Barbourne Brook Limited.