Duty deferment accounts

HMRC has published new guidance Check which type of account to apply for to defer duty payments when you import goods on applications for duty deferment for businesses that import goods or release goods from an excise warehouse. New rules for duty deferment will apply in Great Britain from 1 January 2021. HMRC’s guidance notes that traders can apply now for a new duty deferment account and a guarantee waiver to avoid the need to get a financial guarantee. Traders who need a new duty deferment account in Northern Ireland from 1 January 2021 will need to apply for a Customs Comprehensive Guarantee.