HMRC has published guidance on a number of issues relating to duty and guarantee waivers:
- How to apply for duty deferment when importing goods. This will apply to businesses bringing in goods from the EU from 1 January 2021. This means that the duty and customs payments may be delayed
- How to apply for a guarantee waiver for duty deferment payments. More on guarantee waivers, including making amendments here.
We recommend any business importing goods checks all the requirements and puts plans in place to defer VAT, duties and customs payments wherever possible. Despite political promises, this significant additional red tape as a result of Brexit helps nobody and will be a costly burden. However, at least the government have put a structure in place which will aid cashflow.