Flostream Ltd the leading International Mail and Fulfilment business approved for HMRC Fulfilment House Due Diligence Scheme
The Fulfilment House Due Diligence Scheme ensures that fulfilment houses play their part in reducing abuse of VAT rules by online traders based outside the EU.
The central part of a package of measures to combat the abuse of VAT rules by online traders based outside the European Union (EU), The Fulfilment House Due Diligence Scheme (FHDDS)
Fulfilment houses that are part of this scheme will be required to perform proper due diligence on the goods they fulfil and their overseas clients.
Businesses that meet the FHDDS criteria will not be allowed to trade as a fulfilment business from 1 April 2019 unless they are approved by HMRC, and risk a £10,000 penalty and a criminal conviction if they do so.
The FHDDS will help HMRC identify and combat non-compliant overseas suppliers more easily and make it more difficult for them to trade in the UK.
This will make the market fairer for the many legitimate and compliant businesses trading in the UK that pay the VAT and customs duty that they owe.
Dee Kaur – Head of Ecommerce at Flostream Ltd stated “we are extremely proud to have been accepted into this scheme, our philosophy as a global trading business is to maximise our efficiency through procedures and service of the highest level. With our 45,000sq ft Head Office next to Heathrow Airport it is imperative we have the capability to comply with these stringent rules for our worldwide customers to continue our massive growth in the fulfilment and e-commerce marketplace. Already trading with many organisations within and outside the EU approval for this scheme further enhances our capabilities as a leading partner for e-commerce retailers worldwide”