For most commercial shipments from outside of the EU VAT and duty is payable on import cargo.
A number of HMRC customs regimes are available to UK businesses which may help them reduce their VAT outlay and duty costs, or improve cash flow. Businesses that provide a processing service to non UK based customers, or those involved in the sourcing of parts for manufacturing from outside the EU could benefit. We assist with Outwood Processing Relief (OPR), Inward Processing Relief (IPR), completing BOD3 forms, rules of origin and dealing with NIDAC.
We provide consultancy services to customers requiring ad hoc advice as well as costed project management for audit, report and guided application support for the HMRC regimes which are available. Please contact us on telephone 0113 815 2830 if you require further information.
Operating a deferment account is one way in which importers can improve cash flow when importing goods. Rather than paying VAT and duty at the time of arrival of your goods, payment is taken midway through the month following customs clearance. A guarantee will usually be required for deferment account limits of over £10,000.
Postponed Import VAT Accounting PIVA
From January 1st 2021 HMRC introduced Postponed Import VAT Account (PIVA). PIVA allows VAT registered importers to declare import VAT due through the VAT return process, rather than paying import VAT up front on arrival. Importers using PIVA are enjoying a significant boost to their cash flow.
For further advice and assistance with deferment accounts, Postponed Import VAT Accounting or SIVA application process or an audit of your current customs clearance procedures please contact us by calling 0113 815 2830 or by emailing to firstname.lastname@example.org.