Brexit update: Reviewing your duty deferment account

There are likely to be some important changes to the way import duties will be calculated from 2021.

If the UK has not secured a Free Trade Agreement with the EU by 31 December 2020, tariffs will be imposed when importing goods to the UK, including those shipped from the EU.

If you are a duty deferment account holder, we recommend that you review your account and consider changing your deferment limit if you expect increased charges. Note that you will not be able to use our own deferment account if your limit is reached or exceeded. The exact duties will be determined by the UK Global Tariff.

In addition, you may wish to register with for Postponed VAT Accounting (PVA) – which allows you to account for import taxes via monthly statements – or provide standing clearance instructions to our Customs teams. Both of these are likely to simplify the UK imports process in 2021. To register for PVA or to explore standing clearances, please contact us by email at imports@tudorfreight.com.

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