Duty Deferment Account
Whenever you import products or release from an excise warehouse, you can delay paying Customs/excise Duty and import VAT. For that you need to apply for a Duty deferment account. This account will allow you to make a single monthly payment rather than paying for individual consignments.
If your business is established in the UK, you can apply for a guarantee waiver to avoid the need of financial guarantee. Learn more by click here
CDS are automatically given a cash account to each trader to pay for declarations. Instead duty deferment accounts provide more flexibility, rather than paying for each transaction you can pay altogether in single monthly payment.
Payment methods available to traders are:
- Cash accounts( FAS in CHIEF)
- Duty deferment accounts
- Immediate payments
- Guarantee accounts
- Individual guarantees