This guide explains the requirements of the import valuation system. It outlines the different valuation methods for determining the value on which customs duty on goods produced outside the European Union and import VAT are calculated. It also provides links to sources of further help and advice.
At importation from third countries you must declare the value of your goods to HM Revenue & Customs (HMRC) in the single administrative document (form C88). This value determines the amount of customs duty and import VAT payable and forms the basis of the trade statistics compiled by HMRC.