Company Name:
Lishui Huanqiu Bearing Trading Co., Ltd.
Company Address:
No.11 Shiting Road, Shuige Industrial Zone,Lishui, Zhejiang,China
Contact Person: William
Email: admin@tradebearings.com
Homepage: www.asiabearings.com
Bearing B2B: www.tradebearings.com
Although imported goods aren't usually released until all the import charges, such as import duties, VAT and even excise, have been paid, it may be convenient and financially beneficial for your business to apply for a delay to paying customs charges. This is called suspending import charges. There are several ways of suspending charges which may be useful for your situation, but close attention must be paid to authorisation and management of goods under these procedures.
If you need to store goods imported from outside the European Union (EU) before they are used or processed, you may be able to suspend the payment of import duties and import VAT by using customs warehousing. You can store goods imported from outside the EU to wait for certain documentation. If your goods are authorised to use a customs warehouse, you do not have to pay import duty, excise duty or VAT until you remove the goods into free circulation, thus delaying payment until the goods are ready to be sold.
You will need to be authorised by HM Revenue & Customs (HMRC) to set up and operate a customs warehouse which can be an area designated and operated for the public by a warehouse-keeper or by private traders for their own business.
You can also suspend payment of import duty, import VAT and, where appropriate, excise duty by importing goods into a designated Free Zone. These are areas of land that have been given special status by HMRC. You'll need special permission, granted by HMRC, to store your goods in a Free Zone.
Traders may also be able to take advantage of a Tariff Quota (TQ) to gain a duty advantage. TQs are an EU system to allow the importation of set amounts of specific goods (sometimes from specific countries) at a rate of duty lower than would apply otherwise.
The ATA carnet is an international customs document used instead of the usual customs documentation to temporarily export certain goods for use outside the EU. It may also be used to temporarily import goods for use in the UK or EU. In the UK, ATA carnets are issued by the Chamber of Commerce. CPD carnets are used for temporary admission of vehicles to non-EU countries.
