Tag Archives: cashflow

VAT: New HMRC guidance on duty deferment and guarantee waivers

By   3 November 2020

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

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.