Reaping the benefits of operating under Customs Freight Simplified Procedures (CFSP) can be a long and tricky process without the requisite knowledge and experience. IFE Global offer three options to achieve significant cash-flow savings using Approved Customs Warehousing.
Option 1 – Apply For Approved Customs Warehousing
We consult on and complete the customs warehousing application process on your behalf as well as write the internal standard operating procedures which HMRC insist you have in place.
The requirements for this process are a secure warehouse, a deferment guarantee and robust warehouse management software. Once the process is approved by HMRC, we will set up and Duty Manage your ongoing CFSP regime, importantly unlocking the significant cash-flow savings.
Option 2 – We Undertake Duty Management On Your Behalf
If you already have an approved customs warehouse facility, we can undertake Duty Management on your behalf. IFE Digital Logistics has implemented its own Duty Management Bureau which you can utilise and benefit from the same advanced software used by companies such as Jaguar, Land Rover, SONY, John Lewis and Burberry.
You can access the benefits of our Duty Management Bureau for a monthly fee without the need for investment in software and training. Our system provides total visibility on Duty & VAT liabilities down to individual product level.
Option 3 – Store Your Cargo At Our Approved Customs Warehouses
We can provide all the benefits of CFSP without the need for your own approved customs facility. By storing your cargo at one of our approved customs warehouse facilities you can import your cargo without paying Duty/VAT at port.
Your cargo can remain in our bonded facility indefinitely Duty & VAT free until the cargo is dispatched or collected at which time your deferment will be charged or we will raise Duty/VAT invoices based on the quantity that has left.
Benefits of Customs Bonded Warehousing
- No duty or VAT payable on import
- Unlimited storage duty/VAT free
- Duty/VAT payable only on goods dispatch
- Reduced import duties
- Re-export EU goods tax free
- Improved customs compliance
- Save up to 50% on standard customs clearance at port
- Faster customs release at port of entry