- Purpose and Use: Duty deferment accounts allow businesses to delay payment of duties and import VAT, facilitating smoother cash flow management. However, there are specific conditions under which duties can be deferred, including limits on guarantees and account levels.
- Payment and Compliance Requirements: Businesses must ensure timely payment of deferred amounts within the specified accounting periods. If the amount due is incorrect, immediate payment of any additional duties is required, and businesses must monitor their guarantee levels to avoid suspension of their deferment facility.
- Account Management and Changes: Companies must promptly inform HM Revenue & Customs of any changes to their account details, such as company name or address, to avoid account suspension. Proper management of Direct Debit instructions and keeping original duty deferment statements are essential for compliance and record-keeping.
Contents
- What you can defer
- When you must pay
- How to pay
- If the amount due is wrong
- Exceeding your guarantee level or deferment limit
- Making changes to your account
- Duty deferment statements
Source gov.uk
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