One thing many companies may not have considered are “additional duties” – a hidden cost to the business.
For example, if you source products from the US, you are already aware that your products might be subject to customs duties, so what are “additional duties”?
TRICK: These are charges on top of the current duty rates.
For instance, in the case of certain Iron, Steel and Aluminium products (including some of their alloys). These additional duties (also known as safeguards) are charged on products exported from the US to the UK or EU due to foreign policies in place and you could have more than one of these additional duties charged at a time.
Over time, this will eat away at your margin, if not potentially create a loss.
TREAT: There is a solution.
There are potential ways to reduce or eliminate these additional duties for these products.
At Customs Connect, we work with companies to identify opportunities for cost savings on a contingent basis, so don’t be scared to explore this as there is no risk to you. Contact us on +44 (0) 161 813 1987 or email: info@customsconnect.eu.