Cardinal’s team of experts are on hand to look to after your process and approval in CFSP, Inward and Outward Processing Relief and Customs Warehousing. We can share with you a number of options available to improve your cash flow, save on tax costs and delay duties and VAT
A Customs warehouse, sometimes called a bonded warehouse, is a place of storage for imported goods that have not yet been processed by customs.
Customs warehousing allows you to suspend payment of duty and any other taxes due until your imported goods are sold or distributed to retailers. We also offer a period in which your goods can be sorted, repackaged or processed before being distributed, without having to pay duty or tax.
The benefit of this is that provides time for you to carry out any pre-sale activity and can also improve cash flow. Tax cost savings of 25–30% have been reported as a result of using bonded warehousing. Cardinal offers a complete integrated logistics solution to keep your supply chains moving and removes the need to deal with multiple suppliers.
Through some special procedures, many countries offer the possibility of suspending or drawing back customs duties. Inward Processing allows you to process goods that you import from outside the EU customs territory before deciding whether the finished products will be sold within the EU or outside.
You can obtain relief from customs duties and import VAT on goods imported from outside the EU to be processed and re-exported back outside the EU. Once the processing operations are complete, your processed goods can either be re-exported, released into free circulation in the EU, or stored in a customs warehouse.
Customs Freight Simplified Procedures (CFSP) offers many benefits to businesses who are looking to import from non-EU countries.
We can ensure a faster release of goods at the port or airport allowing you to get your goods faster and sell sooner. This also helps to improve cash flow as the duty and Import VAT can be delayed until the Supplementary Declaration is submitted.
Cardinal will submit CFSP declarations on your behalf and maintain a full audit trail of your declarations. We are here to help you make sense of CFSP and anything else relating to customs and documentation.
Talk to us today to find out more about more about our Customs Bureau service and how we can transform your supply chain, with tailor-made solutions and exceptional service and value.Call us now 0345 340 4674