This article tells you how to secure payment to HMRC using a General Guarantee Account. This account provides HMRC with an assurance that any amounts which cannot be determined on entry will be paid once agreement is reached.
Who can benefit from this arrangement?
You can benefit from this arrangement if:
- you need to provide security on imported goods when the charges due are in dispute
- you are removing goods from a Customs or Excise warehouse; or
- you are temporarily importing goods into the UK.
You can use a general guarantee account if you are:
- a VAT registered importer/agent or
- a private importer as long as you have been allocated a temporary TURN number.
Benefits of using a general guarantee account
It can help your cashflow because it is a cashless security to cover the disputed amount of import duties (the undisputed amount of duty due on the entry should be paid as normal) or the charges in respect of temporary importations.
Contact RKG Consulting to find out how you can set-up such an account.