This guidance is for importers and clearing agents who need to know how to calculate the customs value of imported goods in the UK.
The customs value is the value of the goods used to calculate Customs Duty and import VAT. There are 6 methods for calculating the customs value, with Method 1 being the most common. You should try the methods in this order:
- Transaction value: This is the price paid by the buyer to the seller for the goods.
- Transaction value of identical goods: If Method 1 cannot be used, find the price of identical goods sold around the same time.
- Transaction value of similar goods: If Method 2 cannot be used, find the price of similar goods.
- Deductive method: This is based on the selling price in the UK of similar goods.
- Computed value: This is based on the cost of producing the goods (usually only for related buyers and sellers).
- Fall-back method: This is a flexible method for unusual circumstances.
The article also covers how to declare the customs value for goods entering or being removed from a customs warehouse.
Source: gov.uk
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
