Freeport Warehousing
This enables customers to minimise costs and maximise cash flow benefits.
At the same time this valuable resource allows the importing company to dispatch goods on demand from inventory stocks.
The advantages of Freeport warehousing for sophisticated importers, as well as their customers, are wide ranging in their benefits.
- Freeport offers the flexibility to identify customers in the UK and EU, or non-EU destinations, after goods have been entered into the Freeport.
- Freeport warehousing removes the requirement to make a customs import declaration to account for import taxes. This maximises cash flow benefits to importers, because goods need merely be ‘declared to customs’ to enter consignments for registration into the Freeport system.
- Freeport warehousing allows indefinite storage and stock holding facilities while under Freeport registration.
- Freeport warehousing allows the suspension of HMRC Duty and VAT taxes on products from non-EU origins. Payment will only become due when the goods go into process for UK/EU destinations or are released for delivery to UK customers.
- Freeport warehousing allows the imported goods to be handled, stored, repacked and processed for onward delivery to non-EU destinations, thereby avoiding the need to pay any UK Customs import charges.
- Freeport warehousing allows products to be re-directed into Europe. A process that can potentially avoid the payment of UK import VAT. But only if the necessary procedures and paperwork are fully and carefully adopted.
- Freeport warehousing allows overseas and non-EU importers to avoid the need to become VAT registered in the UK. This applies only if supplies of goods are made while the goods are held under Freeport registration.
- Freeport warehousing also provide the potential to avoid payment of Duty/VAT on damaged or destroyed products.