Customs Warehousing enables importers to defer the payment of customs duties and import VAT to from time of import to time of call off for sale or manufacturing. This provides a number of key benefits including:
Cash-flow savings from deferring the duty point to call off
Absolute customs duty and import VAT savings on the re-export of goods
Cash-flow savings on goods sent to other EU Member States
Greater flexibility in determining the customs duty treatment of your goods making it easier to operate other customs duty reliefs
The implementation of customs warehousing is a significant investment and is likely to require you apply for Customs Freight Simplified Procedures (CFSP) so as to avoid any delays in releasing your goods. Going through this process does have the benefit of improving transparency and risk management and may highlight further savings.
"Rob has provided customs advice on many occasions,always demonstrating deep knowledge of his subject tohelp the business mitigate its duty liabilities."
Stuart Reid, Financial Director Komatsu UK
"ITS have highlighted significant cost savingopportunities."
CW Winter, Financial Controller Special Metals Wiggin Ltd.
"ITSs experience and knowledge has ensured projectswere completed with a favorable result."
K R Maddison, Financial Controller Bard Limited
"Rob explains clearly, and gets on with people. He isvery constructive and pragmatic. His loyalty to thereds is admirable, if misguided. One of my favouriteScousers!"
Nick Mallett, Partner DHM Stallard
"ITSs broad knowledge of Customs has proved invaluable"
D. Widdowson, Director of Financial Accounting Croda Chemicals Europe Ltd
"ITS helped us to reach a successful conclusion when HMCustoms tried to reject our proposed changes by usingtechnicalities."
D. Suddens, Finance Manager Blanc Aero Industries UK Ltd
"I have worked with Rob on complicated HMRC issues. Aswell as direct assistance, Rob has provided excellenttraining for operational staff. I recommend ITS."
