³ÉÈËÓ°Òô

Shipping terms


Produced by a Tolley Value Added Tax expert
Value Added Tax
Guidance

Shipping terms


Produced by a Tolley Value Added Tax expert
Value Added Tax
Guidance
imgtext

When goods are exported or imported, they will normally use a set of internationally recognised trade terms which are published by the International Chamber of Commerce (ICC). These terms are known as incoterms and the latest series is incoterms 2020.

Incoterms aim to ensure that shipping and delivery responsibilities are written down and clearly understood to avoid misunderstandings between suppliers and customers.

Information on incoterms is provided on the website of the Department for Business and Trade.

In total, there are 11 incoterms guidance from the Department for Business and Trade outlines that the most commonly used incoterms are as follows:

IncotermDepartment for Business and Trade description
Ex Works (EXW)The seller makes the goods available at the seller’s

Continue reading
To read the full Guidance note, register for a free trial of Tolley+â„¢
TAKE A FREE TRIAL
Powered by
  • 12 Apr 2023 13:50

Home/ Tolley Tax Guidance/ Value Added Tax / Doing business internationally

Popular Articles

Corporation Tax

Foreign exchange issues

Foreign exchange issuesOverview of foreign exchange provisionsForeign exchange (FX) movements are generally taxed following the rules applicable to the underlying income, expenditure, asset or liability on which they arise, broadly as follows:Capital assetsOn a realisation basis (ie on disposal)

14 Jul 2020 11:44 | Produced by Tolley Read more Read more
Personal Tax

Married couple’s allowance

Married couple’s allowanceThe married couple’s allowance (MCA) is only available if one of the two spouses or civil partners was born before 6 April 1935. This means that one member of the couple must be at least 89 years old on 5 April 2024 to qualify for an allowance in the 2023/24 tax year.There

14 Jul 2020 12:13 | Produced by Tolley Read more Read more
Value Added Tax

Exemption ― overview ― items exempt from VAT in the UK

Exemption ― overview ― items exempt from VAT in the UKVAT exemption: list of supplies exempt from UK VATThe goods or services that are exempt from VAT are listed under various group headings within VATA 1994, Sch 9, Pt II.It is important to remember that not all supplies that come within a heading

14 Jul 2020 12:45 | Produced by Tolley Read more Read more