Retailers getting it right & monitising on monitising customs relief on duty & VAT
Learn about how international retailers, fashion and apparel can monitise on accuracy and improve supply chain management.
Retailers need be in control of post-declaration compliance
Dealing with the supply chain, logistics and customs processes is part of the retail industry’s global character. But what about post-declarations compliance and customs audit readiness? Are retailer on top of this? In our experience, this is often not the case.
As your business expands globally, your obligations change significantly too. If you do not have the adequate procedures and controls in place, your company may find itself overpaying duties or caught up in costly investigations that can drain your finite resources and result in penalties issues.
Post-declaration compliance is not just an area with challenges and pit falls, there are also several rewards and possibilities to monitise on getting your customs compliance right.
£ 32 000
Saving money eliminating human errors
An international renowned fashion retailer using Emma E-Doc to perform quality control uncovered significant errors in broker declaration equivalent to £ 32 600.
To provide the best experience for customers in global trade, you need to master customs
Today’s customers expect a seamless shopping (and shipping) experience. The days when customers were content with delivery taking weeks, if not months, are gone. The logistics and supply chain challenges due to Brexit has tested people’s patience. Getting customs right, is yet another skill global retailers need to master.
Digital customs archive for retailers
Emma E-Doc is the leading customs archive for importers and exporters across Europe. Using Emma E-Doc, retailers now have a broker neutral, cloud-based platform to gather, manage, and automate the growing flow of customs documents.
Simplifies audits & internal control
By providing a complete archive with current and historical documents, with powerful search, export and reporting features, Emma E-Doc is an important tool for internal control, customs auditing and tax compliance audits.
Reduces risk of human errors
Emma E-Doc increases control and reduces the risk of errors caused by manual entries. Request missing documents, track discrepancies and match invoices against accounting
Replaces need for internal archiving
Emma E-Doc satisfies customs authorities regulations concerning information storage. Storage of documents meets the statutory required period for the respective country’s regulations.
Meets digital report demands
The demands from tax authorities for digital reporting are increasing. With Emma E-Doc you meet the demands in an accurate, easy and efficient manner.
“Emma E-Doc is a very good system for archiving large quantities of customs documents.
The solution can rapidly be expanded to new countries or requirements, without any development work needed on the customer’s side”
Customs & Trade Manager, Amer Sports
White paper: Getting it right & Monetising customs relief on duty & VAT
White paper prepared for International Retailers, Fashion and Apparel.
White paper editor: Mark Jamieson, VP Operations, Emma Systems UK LTD.
How do you monetise accuracy?
By implementing an intuitive post-declaration analysis solution, it is possible to remain fully compliant, while also gaining financial benefits.
Compliance protecting the brand
A common misconception is that compliance is just about ensuring HMRC adherence. Compliance is just as much about corporate compliance. The same adherence t oHMRC’s high standards should also be applied, when protecting your corporate brand.
Risks & responsibilities of retailers
As a retailer, you are responsible for ensuring that accurate information goes on to your customs declaration.
The importance of knowing your product
Having a thorough understanding of your own products is essential to your ability to manage suppliers, customs declaration providers, and your own system.