Customs declaration requirements
A new customs information paper had been published relevant to businesses that submit supplementary declarations using customs simplified freight procedures. The paper seeks to clarify the requirements where imported goods and other related charges are invoiced in a foreign currency. The notice is effective from 16 February 2010.
HMRC have outlined two separate options for entering the invoice currency on import declarations:
- Using HMRC’s Customs Handling of Import and Export Freight (CHIEF) system.
- Using third-party software capable of converting the invoice currency to sterling using the exchange rate acceptable to HMRC.
The rates of exchange for customs purposes are published monthly in advance. However the rates can be amended during the month in cases of significant fluctuation in exchange rates (5% or more). The list of exchange rates can be found atwww.hmrc.gov.uk/exrate/.