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Importing from China and buying products from China has become a successful tactic of global sourcing for businesses around the world. As a buyer as well as a reseller, this presents you with several lucrative opportunities. However, it is not always an easy task, especially if you’re new to this field, because the world of importing can be quite complex and confusing. This is why you need a competent company to guide you through the process. For example, if you are thinking of buying goods from China to UK, we at Supplybase Solutions can help you with the process from start to finish.
While buying goods from China to UK , there are a bunch of tips that could come in handy if you know about them beforehand. Here’s what you need to remember when buying products from China:
Being clear about your import objectives is important from the get-go. Figure out your reason to buy products from China to the UK, whether it’s to import products that aren’t available in the UK or to find a more affordable supplier or whatever reason you might have.
Businesses and China suppliers believe in creating a healthy working relationship with those they collaborate with professionally. Therefore, keeping in mind your own strengths and your supplier’s priorities, arrive at a deal that suits both the sides and keeps the professional bond alive for years to come. Once you cement that bond, the commercial transactions are bound to follow.
Drafting a clear contract is essential when you’re importing goods from any place in the world. The payment, shipping, and delivery terms should be clearly stated in the contract, along with any of the International Commercial Terms that are applicable so as to avoid misunderstandings.
When it comes to transportation, you need to firstly decide if you’re handling the logistics yourself or outsourcing the job. Buying goods from China to UK entails having two main transportation options, namely by air and sea. If you have to transport large quantities but don’t have a strict timeline to follow, you can opt for the sea route. On the other hand, if your items require a lot more security, shipping by air is the better option. Goods arriving from China to the UK need to be declared at HM Revenue & Customs.This can be done using the Single Administrative Document (SAD), which is also known as Form C88.
The Integrated Tariff of the United Kingdom educates the importers and exporters and informs them of the rates of duty they need to pay. This Tariff can also be used to find the current duty and import VAT rates along with gaining the knowledge as to whether you require a license or not.
When buying goods from China to UK, you will need to fill out the customs paperwork correctly, for which you need to know the correct commodity code for your goods. The commodity code refers to a ten-digit number for imports from outside the EU. After finding out about the commodity code, you can explore other important information such as duty rates, import restrictions, and so on.
Certain goods require businesses to acquire an import license. This could be if you’re importing items such as food, textiles, and so on. The taxes and duties applicable on your imported goods need to be looked up beforehand as well.