The latest report by Womble Bond Dickinson has highlighted a troubling trend: mistakes in customs declarations are costing UK firms thousands of dollars. This case study examines the study’s primary findings and explains how iCustoms can assist businesses in streamlining workflows and avoiding these expensive errors.
UK Trade Under Threats: The Cost of Inaccuracies in Customs Declarations
The analysis of more than 600,000 declarations in the study reveals an astounding average error rate of 34%. These inaccuracies most commonly arise in goods bulk, value, and HS code classification. This immediately results in financial losses for the enterprises; since 2020-2021, declaration errors have led to fines of up to 74% higher.
The analysis highlights a deficiency in digitalisation and internal knowledge as significant factors. Many firms rely on manual processes, which allow for human mistakes and may lack the knowledge required to negotiate complicated customs rules.
How iCustoms Reduces Errors in Customs Declarations
By addressing the 34% error rate head-on, iCustoms assists businesses in achieving more seamless trade:
Key Error Areas: Our AI-powered solutions concentrate on areas like freight mass, value, and HS code classification that are prone to mistakes. iCustoms effectively mitigates human error in these critical domains—data entry and verification—through the implementation of automation.
Minimising Fines and Penalties: Inaccurate declarations result in penalties and fines. By using pre-built validations based on the most latest regulations, iCustoms guarantees compliance and reduces the possibility of inconsistencies and the fines that come with them. This lowers the likelihood of facing heavy fines, such as the reported 74% rise.
Bridging the Digital Expertise Gap: Manual procedures and knowledge gaps both lead to mistakes. iCustoms provides a multifaceted strategy:
Automated Solutions: By streamlining the whole process, our technology minimises human error and the need for manual data entry.
Professional Assistance: Our staff of customs experts offers continuing assistance and instruction, assisting businesses in acquiring the digital know-how required to handle intricacies and understand crucial rules.
Knowledge Base: We provide a thorough knowledge base with guides and resources so that businesses can become knowledgeable and self-assured about processing customs declarations.
Collective Effect:
Through process automation, artificial intelligence verification, and expert knowledge access, iCustoms enables firms to substantially reduce the 34% error rate. This results in reduced penalties, fewer delays, and more seamless trading processes.
Advantages of utilising iCustoms:
Decreased Costs: Lessen the possibility of fines and unnecessary expenses brought on by customs errors.
Enhanced Efficiency: By minimising delays and rework, you may optimise your customs procedures and save a significant amount of resources and time.
Peace of Mind: You can relax knowing that professionals are handling your customs declarations, guaranteeing efficient and legal trading.
Keep customs filings from becoming an expensive barrier for your company. Get in touch with iCustoms right now to find out how our solutions can facilitate quick and error-free customs clearance.
