When you are preparing to import goods into the UK, in most cases you will be required to pay Import Duty and VAT for the goods to be able to go through the customs clearance process.
You can choose to make payments via the Duty Deferment Scheme (DDS) which enables you to make monthly payments to HM Revenue and Customs through a Deferment Approval Number, essentially this means you have ‘credit’ terms with HMRC for payment of VAT and Duty for customs clearance.
Having a Duty Deferment account makes the customs clearance process smooth and simple if VAT and Duty are applicable on the import.
HMRC will require a guarantee through your bank to ensure you can meet the cost of all your VAT and Duties. For example, Importers and Freight Forwarders who carry out regular customs clearance for imported goods with a Duty Deferment Account will decide on a limit which is their maximum amount they are expecting to pay to HMRC per calendar month.
The amount guaranteed will always be for double the monthly limit, this is because payments are not made until the 15th of the following month, therefore the importer or forwarder could have spent their limit again before the 15th of the second month.
HMRC will issue weekly statement reports to Deferment Account Holders, it is then the responsibility of the account manager to ensure that sufficient funds are available to make payments to HMRC.
When the customs clearance import declaration is being completed by your customs clearance agent, they will need to know the details of your guaranteed type, reference, and deferment number to add to the import declaration.
Trans Global Logistics Uk Limited , international Shipping & Logistics company with 30 years of experience, will be able to offers several services for your Vehicle Transport / Customs Clearance/ Import and UK Vehicle Registration to confidently support your Vehicle Customs Clerance in the UK.
Contact us at Trans Global Logistics Uk Limited – customs@tglog.co.uk – phone 07833 410 281 www.tglog.co.uk