The following Value Added Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
Import VAT and customs duty are normally payable at the time when goods are imported into the UK or released from a customs or excise warehouse, and must normally be paid before HMRC will release the goods into free circulation within the UK. However, providing certain criteria are satisfied, it is possible for authorised businesses to delay payment of import VAT and customs duties under the Duty Deferment Scheme. The charges are due on imports and certain home-produced or home-manufactured products.
The main benefits for a business having a deferment account are:
It should be noted that there are other schemes available which can be used by a business to delay or alleviate the need to pay import VAT and / or customs duties in certain circumstances. Further details can be found in the ‘Customs and International Trade’ subtopic.
The following importers can delay payment of import VAT via the Duty Deferment Scheme:
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