Import and export trade doesn’t have to be on a massive scale. The smallest businesses can take their first steps into international trade, seeking out new customers in international markets. Whatever the size of your business or the scale of transaction, you will need to make arrangements to pay taxes and import duties.
First time importers and exporters may be surprised to find that they must pay the taxes and duties immediately their goods arrive in the country of destination. No excuses, no explanations, no waiting until your customer pays you.
Duty deferment and customs bonds are used by importers to manage the payment of duty on goods and are issued to the benefit of HMRC. The bond allows the flexibility to defer payment for up to 45 days, giving you the benefit that the pressure on cash flow will be eased while the goods go through.
We’re experts in keeping trade on the move, both importing or exporting. Our specialist bond teams have the experience to support your importing deals whether you are a first time user or highly experienced as an international trader. Read about bonds for international trade.
Businesses that import goods from overseas suppliers should plan their financial exposure carefully. You may have found a unique product that will add to your portfolio, or a source of supply that will reduce your costs, and so be confident that you will have a competitive advantage in your own market. But when the goods arrive it is necessary to pay the taxes and import duties immediately and this can be a significant financial commitment. To protect your business from the drain on cash consider using bonds for international trade. These bonds allow a delay before payment so that you can earn revenue and pay the costs more easily. When you explore new markets make use of our advice and services to reduce the risks of expansion by taking account of the payment and tax requirements.