Customs Payments - Deferment Account

Operating a deferment account is one way in which you can improve cash flow when importing goods from outside of the European Community. Rather than paying VAT and duty around the time of arrival and customs clearance of your shipment, payment is taken midway through the month following customs clearance. 

In order to operate a deferment account with HM Revenue & Customs, you will have to provide security for the payment of VAT and duty, usually by way of a bank guarantee. Registering and being accepted for SIVA (simplified import VAT accounting) can reduce the size of guarantee required. Application for SIVA can be completed at the time of applying for your deferment account.

For further advice and assistance in applying for a deferment account, the SIVA application process or an audit of your current customs clearance procedures please contact us by calling 0113 815 2830 or by emailing to sales@bosunlogistics.com.