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:
The following importers can delay payment of import VAT via the Duty Deferment Scheme:
Businesses who want to open a deferment account must be:
One approval can cover a group of companies providing that they are in a VAT group. Businesses wishing to apply for
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login