Duty deferment is a convenient payment method for customs, import VAT, and excise duty. With a duty deferment account, you have the flexibility to delay payments for customs duty, import VAT, and excise duty. Instead of paying for each individual consignment upon import or release from an excise warehouse, you can make monthly payments to HMRC through Direct Debit.
Think of a duty deferment account as a trusty sidekick for importers. It offers a valuable line of credit, allowing them to pause customs duty and tax payments for imported goods. This flexibility is a game-changer, helping businesses navigate the challenges of importing and strategically managing cash flow.
Importing goods into the UK entails complicated financial obligations like customs duties and value-added tax (VAT). These costs can be burdensome, affecting competitiveness and financial stability. However, with a duty deferment account, importers gain a powerful advantage—they can postpone payments. This maintains a healthy cash flow and opens opportunities for overall financial improvement.
