Import and export trade doesn’t have to be on a massive scale. The smallest businesses can take their first steps into international trade, seeking out new customers in international markets. Whatever the size of your business or the scale of transaction, you will need to make arrangements to pay taxes and import duties.
First time importers and exporters may be surprised to find that they must pay the taxes and duties immediately their goods arrive in the country of destination. No excuses, no explanations, no waiting until your customer pays you.
Duty deferment and customs bonds are used by importers to manage the payment of duty on goods and are issued to the benefit of HMRC. The bond allows the flexibility to defer payment for up to 45 days, giving you the benefit that the pressure on cash flow will be eased while the goods go through.
We’re experts in keeping trade on the move, both importing or exporting. Our specialist bond teams have the experience to support your importing deals whether you are a first time user or highly experienced as an international trader.
When you enter new markets you may find it necessary to make payments in advance. For some market sectors, such as construction, advance payment to suppliers is essential. But if the supplier becomes insolvent or other hazards prevent fulfilment of the contract you may lose the payment. You can safeguard your business from these risks when you are targeting major contracts and working with new suppliers by using our advance payment protection services. We provide payment protection solutions that allow you to bid for large projects with more confidence and to complete them without losses. We also provide credit insurance to manage the risk of late or non-payment by your customers.