RedPrairie delivers Duty Stamp solution to Bonded Warehouses

Every bonded warehouse keeper knows that in order to comply with new requirements from HM Revenue & Customs, systems need to be in place to anticipate and prepare for change. 

This year the regulations for Duty Stamps on Spirits bring this to the forefront of the spirits industry, with alterations needed within the supply chain to ensure compliance without introducing additional burdens on staff or at the cost of operational efficiency and customer service.

Over the last year RedPrairie have been involved with HM Revenue & Customs and the legitimate trade in preparation to introduce duty stamp facilities into DutyMasterTM, RedPrairies unique Duty Management offering. RedPrairie have been holding seminars and consultation events during 2005/06 to gain input from the trade on their concerns relating to the Duty Stamp scheme.  This has resulted in the latest release of DutyMaster which offers simple yet comprehensive facilities to deal efficiently with all aspects of the duty stamp regulations including the recording of approvals, records of stamps received, applied and voided, the handling of losses and destructions with full enquiries and reporting facilities for Customs audit purposes.  

Most operations are now already registered with HM Revenue & Customs for the scheme and the first stamps should be appearing on stock in coming weeks.  Systems need to be in place to record which stock has stamps applied and to keep track of the stamps issued to traders under their new approval.  By October this year it will be mandatory that systems are able to identify stock which does not have the stamp applied, as it will become an offence to remove this stock from the bonded warehouse to home use.

RedPrairie have considered the views of legitimate traders and ensured that the Duty Stamp facility will enable Bonded Warehouse keepers to operate efficiently, and affectively whilst contributing to stamping out spirits fraud.