Pro FS are delighted to announce that they have been granted early approval by HMRC as a UK registered provider of fulfilment services for clients established outside of the EU and importing goods from outside of the EU into the UK.
From April 1 2019, all UK based businesses holding stock or offering fulfilment services to retailers without EU establishments and importing of goods from outside the EU are required to be approved, registered and regulated under the Fulfilment House Due Diligence Scheme, which is part of the Finance (no.2) Act 2017.
Pro FS were invited to take part in the HMRC stakeholder meetings during 2017 and provided input into the consultation process. We were early supporters and adopters of the principles of the Fulfilment House Due Diligence Scheme.
UK Fulfilment providers providing these services will now have regulatory requirements for adequate record keeping of the stock they hold on behalf of their clients, its origins and its movements.
In addition, there will be a regulatory and reporting responsibilities surrounding the verification of all customers’ VAT registrations.
Whilst Pro FS are already compliant with the requirements, we welcome their formalisation across the industry, which will result in a wider professional approach in our business sector and a more even playing field, both for us and our clients.
If you would like any further information we would be happy to discuss in more detail what this means for you as a customer. Please contact Lynda Vautier at email@example.com.