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HM Revenue and Customs (HMRC) has launched an advance valuation ruling (AVR) service, which provides importers with certainty over the customs value of their goods before they arrive in the UK.
From 27 April 2023, traders can apply online for an advanced valuation ruling. The AVR service allows importers to apply for a legally binding valuation ruling from HMRC on the customs value of their goods. This can help importers to plan their import activities more effectively and reduce the risk of unexpected costs or delays at the border.
The AVR service is available to all importers, regardless of their size or the value of their goods. To apply for an AVR ruling, importers must submit a detailed description of their goods, along with any relevant supporting documentation, to HMRC.
Once the application has been reviewed, HMRC will issue a legally binding valuation ruling that can be used for customs purposes. The ruling will be valid for a period of three years, unless there is a significant change in the nature or value of the goods.
The AVR service is part of HMRC's ongoing efforts to modernize and streamline the customs process in the UK. By providing importers with greater certainty and transparency over the customs value of their goods, HMRC aims to reduce the administrative burden and costs associated with importing goods into the UK.
To apply for an advance valuation ruling (AVR) from HM Revenue and Customs (HMRC), importers must follow these steps:
Gather information about the goods: Collect all relevant information about the goods they wish to import, including a detailed description, quantity, and value.
Prepare supporting documentation: Importers should prepare any supporting documentation that may be required, such as invoices, purchase orders, and product specifications.
Submit the application to HMRC: You can apply for an AVR ruling by completing the appropriate form and submitting it to HMRC. The form can be found on the HMRC website.
Wait for HMRC to review the application: Once the application has been submitted, HMRC will review the information provided and may request additional information if necessary.
Receive the AVR ruling: If the application is approved, HMRC will issue a legally binding valuation ruling that can be used for customs purposes. The ruling will be valid for a period of three years, unless there is a significant change in the nature or value of the goods.
For more information please visit the HMRC website here or contact us.