EDITOR’S CHOICE
IPR STATUS ACHIEVED
SMB BEARINGS
Non-EU customers benefit from duty free goods
Specialist bearing supplier, SMB Bearings
has successfully gained Inward Process
Relief (IPR) approval. Under UK law, goods
imported from outside the EU are usually
subject to customs duty and VAT, even if
the products are sent to non-EU customers.
However, an IPR authorisation allows
businesses to obtain relief from these
duties, if the goods are imported to the UK
but are destined for re-exportation to a non-
EU customer.
We’re delighted to
pass this financial
benefit on to our non-EU
customers, who can take
advantage of our cost-
effective goods.
To claim under IPR, a business must be
authorised by HM Revenue & Customs
(HMRC). Companies can apply for approval
status from HMRC, specifying the types of
goods and estimated quantities that they
wish to be exempt from charges. Goods
are brought into the UK with import duties
and VAT suspended before the goods are
processed and re-exported. Processing may
take the form of re-packing and re-marking
or re-lubrication. To remain as efficient
as possible, SMB Bearings has opted to
apply for full approval status, instead of the
simplified IPR procedure which only allows
three IPR imports per year.
“Under Customs’ IPR agreement, our
customers can now benefit from the
relief of import duty on bearings from our
suppliers in China for example, if they are
subsequently re-exported outside the EU.
We’re delighted to pass this financial benefit
on to our non-EU customers, who can take
advantage of our cost-effective goods,”
explained Chris Johnson, managing director
of SMB Bearings. “We have decided to
handle this process ourselves, rather than
using a third party. This keeps costs down
and allows us to transfer the maximum
benefits on to our customers.
“We’re well known as an authorised
UK distributor of EZO brand miniature
bearings, manufactured in Japan. With IPR
approved status, our non-EU miniature
bearings customers can benefit from having
access to our global network of bearing
manufacturers, at a reasonable cost.”
SMB has customers in countries including
Thailand, Dominican Republic, Singapore,
Vietnam, Hong Kong and Mexico. Existing
and new customers in non-EU regions will
be able to benefit from SMB’s range of
duty-free bearing products.
More information about SMB Bearings’
full bearing range can be found on the
company’s website. For technical advice
about bearings for specific applications, call
the team directly on +44 (0) 1993 842 555
or e-mail [email protected].
For further information, please visit www.smbbearings.com
30
PECM Issue 43