The increasing pace of international business is meaning that bonding requirements are often highly time-sensitive and are crucial to ensuring a company's success.
Our surety team is able to provide solutions for your most complex business risks, specialising in Duty Deferment Guarantees for Importers and Freight Forwarders.
Duty on goods (imported from outside of the E.U.) is payable as soon as they enter the UK.
Rather than paying duties instantaneously upon arrival, a 'deferment Account' with HMRC allows importers to delay the payment for u p to 45 days. This arrangement however requires the importer to provide HMRC with a Duty Deferment Guarantee as security.
The Duty Deferment Guarantee provides secutiy to HMRC against the failure of that importer to pay its customs duties
Bannerman Rendell Ltd has an extensive track record of providing these types of Guarantee on behalf of Importers and Freight Forwarders