UK IMPORT VAT DUTY DEFERMENT
WANT TO DEFER PAYING IMPORT DUTY AND IMPORT VAT?
If you’re a regular importer, it’s possible to defer paying import duty and import VAT by setting up an account with HM Revenue & Customs (HMRC). The advantage of this is that you can put off payment by an average of 30 days and your goods will normally be cleared for release more quickly. Once you have been approved by HM Revenue & Customs to use a deferment account you will receive a deferment account number (DAN), which is your individual account number with HM Revenue & Customs. If you appoint a forwarding agent you must ensure that your agent uses the DAN correctly. The DAN allows deferment of import duty and VAT for each import declaration made during the month until the month end. It then automatically accumulates the totals of import duty and VAT for the month which become payable to HMRC by direct debit the following month.
IMPORTING HIGH END GOODS INTO THE UK?
If you’re looking for the most cost effective ways to store your goods Bonded warehousing offers the importer cash flow advantages. Rather than pay the import duty and VAT on the items as soon as they are imported, by storing your goods in a Customs Bonded Warehouse, you can defer payment until the goods are removed from the warehouse and sold in the UK.
IMPORTING GOODS YOU WISH TO EXPORT OUTSIDE OF THE UK?
If you are importing goods and you wish to seamlessly re-export them to a country outside of the UK – where duty or VAT may not be payable – by storing your goods in a Customs Bonded Warehouse, will give you the options to re-export without paying the duty.
NEED TO MAKE SAVINGS ON YOUR IMPORT FREIGHT FORWARDING COSTS?
Whatever origin, frequency or delivery timescales – wouldn’t it be nice to talk to someone who knows how to remove the hidden costs take a look at what you’re spending, where, and highlight if you could be paying less? Hidden costs are difficult to spot unless you’re an expert –
Please contact 0207 856 0589 to discuss your requirements or alternatively email info@expressfreightforwarders.co.uk
