Goods
are often stored in a bonded warehouse when they newly enter a country. These
temporary storage facilities serve as the perfect place to hold dutiable goods
whilst awaiting travel to their final destination. If you're an importer, then
finding a UK bonded warehouse may be very beneficial to your operations, as
you’ll be able to defer payment of excise duties and VAT as your goods await
shipment to their final location.
UK
bonded warehouses are thriving in 2021 as they provide a raft of benefits to both
importers and exporters. Bonded warehouses defer excise duties and VAT payments
until either goods are sold, or the moment they leave the warehouse, rather
than at the point they enter into a country.
Typically,
traders who import goods to sell them in the United Kingdom use bonded
warehousing to house food, alcohol, tobacco products, and electronics, among
many many other items that have high value, but require medium to long-term
secure storage. There is also the added option of being able to re-export goods
without having to pay any excise duties. So, if you have imported goods from
another country to the UK and wish to re-export it to a different country where
VAT and excise duty is not applicable, you can store them in UK bonded
warehouses without paying VAT and excise duties.
What you need to know before
storing your goods in
bonded storage.
In
order to use bonded warehousing for your goods, you must adhere to the
following:
● You need to correctly declare your goods, and if using a customs
broker as an intermediary, ensure that you have given them clear instructions
regarding your goods declarations.
● You need to make sure that your goods reach the warehouse named
in your declaration and that they reach there within five days of clearing
customs.
● Give the warehouse operator details of the customs declaration.
If there are any differences between the goods stated on the declaration and
the goods that are deposited, you’ll need to fully account for this.
● Make sure that your goods are correctly declared when they are
leaving the warehouse.
● You need to ensure that the warehouse approves the goods you are
depositing.
How can your business benefit
from storing goods in a
bonded storage warehouse?
A
customs and excise bonded warehouse is useful for any business wanting to
import goods in high quantities. It reduces the risk of incurring an expensive
tax bill, before you know if your goods have been sold or not (particularly
useful for goods such as wine, beer and spirits). This will grant your business
more flexibility and provide your goods with high quality, high security
storage facilities.
One
of the greatest benefits of using customs & excise warehouses is to manage
cash flow. Instead of paying your taxes up front, you can wait till you’ve sold
your goods and have then generated the revenue to pay the taxes. You can also
use this advantage to capitalise on any fluctuations that may arise as a result
of exchange rates and other price-determining factors, by storing your goods in
the warehouses until the prices are favourable for you.
Transporting
your goods from one country to another can be a daunting task. Jeavons Eurotir is here to make the process as seamless and effective as possible. Their
services are available around the clock, including unloading, loading, storage
and inventory management for importation and exportation of any type of goods.
Jeavons Eurotir also offers bonded warehouse solutions in many locations, all
operating 24 hours per day.
Take the stress and guesswork out of importing
& exporting, with bonded warehouse solutions from Jeavons Eurotir
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