- Duty Deferment allows delaying payment of duties and taxes on imported goods into the UK.
- A Duty Deferment Account lets you pay customs duty, excise duties, and import VAT monthly via Direct Debit.
- The Customs Declaration Service manages Import and Export declarations in the UK.
- A Duty Deferment Account can delay payment on various duties and charges.
- Separate Duty Deferment Account needed for goods imported to Northern Ireland due to EU Customs rules.
- Duty Deferment Account is needed to delay payment on customs duty, excise duties, and import VAT.
- Postponed VAT Accounting allows declaring and recovering import VAT on VAT Returns without a Duty Deferment Account.
- Benefits of a Duty Deferment Account include better cash flow, faster customs clearance, and less paperwork.
Source: simplyvat.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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