Businesses that import goods regularly into Great Britain, can apply for a duty deferment account, taking effect from 1st January 2021. A duty deferment account delays payment of most customs and tax charges, for example:
- Customer Duty
- Excise duties
- Import VAT
Duty deferment accounts allow for importers (or their representatives) to make one monthly payment through Direct Debit, instead of paying for individual consignments.
A duty deferment application can be made if the person applying and their importing business are established within the UK. Those representing an importer are also able to apply for a duty deferment account.
A guarantee waiver approval can be applied for alongside the duty deferment application. There are two options that businesses can apply for:
- Approval to defer customs, import VAT and excise up to £10,000 per month
- Approval to defer customs, import VAT and excise up to a specified amount over £10,000 per month
Further details on eligibility for a guarantee waiver can be found on the government website.
When applying for a duty deferment account, the following details will be required:
- EORI number and name associated with the number
- Registered company number, if applicable
- UK address associated with the EORI number
- Correspondence address
- VAT number, if applicable
- Details of company directors and officials, including date of birth
- Estimated debt
- Details of the person responsible for customs authorisation and their practical customs experience
Visit the government website for more details on how to apply for a duty deferment account.
