By On 24 December 2020, the European Union and the United Kingdom reached an agreement in principle on the EU-UK Trade and Cooperation Agreement. After the transition period (31st December 2020) the UK will become a ‘third country’ to the European Union (EU). This will mean, among many other things, a requirement to know your commodity code(s)as such information is now required for the importing and exporting process.
Commodity codes also known as HS codes, Tariff Codes, or Custom Tariff Number represent the product or products that you’re sending and can be recognised worldwide by all customs systems in countries that are members of the WTO, including the EU.
Commodity codes classify goods for import and export so you can:
- fill in declarations and other paperwork
- check if there’s duty or VAT to pay
- find out about duty reliefs
Getting the right commodity code is fundamental and it is the legal obligation of your business. Invest the time needed to obtain the correct commodity code as getting the code wrong can result in penalties. If you rely on the commodity code from a supplier, you’ll need to ensure it is accurate.
For Retailers that are selling into the UK, our most recent upgrade to the platform means you can now enter commodity codes against your products which can be used for customs with the UK after 1st Jan 2021.
AB Commerce blog 